Asure Software Announces Receipt of Letter From Nasdaq to Delist Securities and Nasdaq's Subsequent Grant of Hearing Request to
November 20 2009 - 4:30PM
Marketwired
Asure Software (NASDAQ: ASUR), a leading provider of workforce
management software, announced that on November 18, 2009, it
received a letter from Nasdaq stating that due to not satisfying
the minimum $1.00 bid price per share requirement per Listing Rule
5810(c)(3)(A)(i), its stock would be delisted from the NASDAQ
Capital Market by November 30, 2009. However, on November 18, 2009,
Nasdaq also granted Asure Software a hearing request to appeal the
Nasdaq staff's decision. The hearing is currently scheduled to be
held on December 10, 2009 and delisting will be suspended pursuant
to the hearing.
On December 17, 2009, Asure's shareholders will be asked to vote
on a proposal to effect a 10-for-1 reverse split which -- if
approved -- Asure believes will satisfy Nasdaq's minimum bid price
per share requirement. Asure intends to present this information to
Nasdaq's Hearings Panel in December in an effort to pursue
continued listing on the NASDAQ Capital Market.
About Asure Software
Headquartered in Austin, Texas, Asure Software, (d/b/a of
Forgent Networks, Inc.), empowers small to mid-size organizations
and divisions of large enterprises to operate more efficiently,
increase worker productivity and reduce costs through a
comprehensive suite of on-demand workforce management software and
services. Asure's market-leading suite includes products that
optimize workforce time and attendance tracking, benefits
enrollment and tracking, pay stubs and W2 documentation, expense
management, and meeting and event management. With additional
offices in Warwick, Rhode Island, Vancouver, British Columbia, and
Mumbai, India, Asure serves 3,500 customers around the world. For
more information, please visit www.asuresoftware.com.
"Safe Harbor" Statement under the Private Securities Litigation
Reform Act of 1995:
Statements in this press release regarding Asure's business
which are not historical facts are "forward-looking statements"
that involve risks and uncertainties. Such risks and uncertainties,
which include those associated with continued listing of the
Company's securities on the NASDAQ Capital Market, could cause
actual results to differ from those contained in the
forward-looking statements.
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