LiveDeal Regains Compliance with NASDAQ Equity Requirement
LiveDeal, Inc. (NASDAQ: LIVE) today announced that it has received written notification from The NASDAQ Stock Market LLC (“NASDAQ”) indicating that the Company's securities will continue to be listed on The NASDAQ Capital Market based upon the Company's compliance with the terms of a NASDAQ Listing Qualifications Panel decision, which required the Company to evidence compliance with the applicable minimum stockholders' equity requirement of $2.5 million by December 12, 2011. Accordingly, the NASDAQ hearing process is now closed.
While the Company remains subject to a grace period for the NASDAQ $1 million market value of publicly held shares requirement, which does not expire until March 14, 2012, the Company will be deemed to have regained compliance with that requirement if it demonstrates a market value of publicly held shares of $1 million or more for 10 consecutive trading days. In that regard, based on the financing transaction that closed on December 12, 2011, and the recent increase in the Company's stock price, as of the close of business on December 21, the Company had demonstrated a market value of publicly held shares in excess of $1 million for seven consecutive trading days. Based on its closing bid price on December 21, the Company's market value of publicly held shares was approximately $5,643,525
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