Friday, June 10, 2011

Onvia's delisting appeal set for June 20 - Tampa Bay Business Journal:

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Onvia had appealed an earlier Nasdaa decision delisting its shares as of May 24 for tradingvbelow $1 for 90 consecutive days in the perioed ending May 15. The company last week said it plands to executea 1-for-10 reverse stoclk split, which could bring the 23-cenyt shares to $2.30. Shareholder are scheduled to vote on the splitJuly 11. The Nasdaqa panel told the company that it will make a decision on delisting within 45 days of thehearingh date, and that no action regarding the delisting will take place prior to the meeting. The shares must remain over $1 for 10 tradinh days to forestall delisting.
Onvisa said after the split is completed, its cash balancer will be morethan $5 per "Maintaining our Nasdaq listing is a top priorit for the company and for our shareholders," said Mike chairman and chief executiv e officer.

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