ebix.com Inc. will appeal a NASDAQ staff determination that the company should be delisted for failure to comply with NASDAQ requirements. The appeal will stay the delisting pending the decision of a NASDAQ Listing Qualifications Panel that is expected to hear the appeal in May.
The company believes that its previously announced $7 million funding agreement with BRIT Insurance Holdings will provide it with a reasonable buffer beyond the NASDAQ minimum net tangible assets requirement of $2 million.
Among other things, the agreement provides for BRIT to make cash equity investments of $2.8 million and $4.2 million in two closings expected in mid-April and June of 2001, respectively.
Was this article valuable?
Here are more articles you may enjoy.
Ship Insurers Set for Major Claims From Iran War, Allianz Says 
5 Years After Surfside Collapse: Safer Condos, More Transparency for Underwriters 
Virginia’s New Gun Laws Challenged by Some Local Prosecutors and Lawsuits 
Florida’s Unemployment Rate Is Surging Even as High-Profile Companies Move In 
