Kintera Receives Nasdaq Notice Letter
May 21 2008 - 3:10PM
Business Wire
Kintera� Inc. (NASDAQ:KNTA) (the �Company�), today announced that
on May 15, 2008 it received a notice from the Nasdaq Stock Market
(�Nasdaq�) indicating that it no longer complies with the
requirements of Nasdaq Marketplace Rule 4450(a)(3) for continued
listing on the Nasdaq Global Market. The rule requires that the
company maintain minimum stockholders� equity of $10,000,000. As
reported in the company�s quarterly report on Form 10-Q for the
period ended March 31, 2008, the company�s stockholders� equity was
$9,806,000 as of March 31, 2008. The company has until May 30, 2008
to provide a plan to achieve and sustain compliance with all Nasdaq
Global Market listing requirements and a time frame to complete the
plan. If Nasdaq determines that the company�s plan is not
sufficient to achieve and sustain compliance in the long term, it
will provide written notice that the company�s securities will be
delisted. At such time, the company may appeal the decision to a
Nasdaq Listing Qualifications Panel. The company is currently
preparing its plan for compliance with Nasdaq Global Market listing
requirements and expects to submit the plan to Nasdaq by the May
30, 2008 deadline. The company may also consider applying to list
its securities on the Nasdaq Capital Market if it satisfies the
requirements for continued listing on that market. As previously
reported on a Form 8-K filed on April 8, 2008, on April 2, 2008,
the company received a notice from Nasdaq indicating that the
Company had failed to comply with Nasdaq Marketplace Rule
4450(a)(5), which requires a minimum $1.00 per share bid price for
the company�s common stock for continued listing on the Nasdaq
Global Market, for 30 consecutive business days. Under Nasdaq
Marketplace Rule 4450(e)(2), the Company has an initial period of
180 calendar days to regain compliance with this listing
requirement. If at any time before Sept. 29, 2008, the minimum bid
price of the company�s common stock closes at $1.00 per share or
more for a minimum of 10 consecutive business days, Nasdaq will
provide the company with written notification that it has achieved
compliance with this rule. KNTA-F About Kintera, Inc. Kintera�,
Inc. (NASDAQ: KNTA) provides an integrated, on-demand open platform
to help organizations quickly and easily reach more people, raise
more money, and run more efficiently. The Kintera platform consists
of a variety of products including Events, Advocacy, E-mail, Web
Site Content Management, Donor Management, Constituent Relationship
Management and Accounting. In addition, Kintera�s open technology,
Kintera Connect�, enables clients and partners to integrate
directly with Kintera technology, resulting in the availability of
best of breed solutions through the Kintera Connect partner
program. For more information about Kintera software and services,
visit www.kintera.com. Kintera, Kintera Sphere, Kintera Connect,
Social CRM and The Giving Experience, are either registered
trademarks or trademarks of Kintera, Inc. in the U.S. and/or other
countries. Other company and product names may be trademarks of
their respective owners. Forward-Looking Statements This news
release contains certain forward-looking statements including,
without limitation, expressed or implied statements concerning the
Company's continued listing on the Nasdaq Global Market. Such
statements are only predictions, and the Company's actual results
may differ materially. Factors that may cause the Company's results
to differ include, but are not limited to, risks related to the
development of a plan to achieve compliance with Nasdaq Stock
Market requirements, the price of the Company�s common stock and
the impact of a potential delisting from the Nasdaq Global Market
on the Company. The Company undertakes no obligation to update any
forward-looking statements. Other risk factors related to the
Company are more fully discussed in the Company's Annual Report on
Form 10-K for the period ended December 31, 2007, Quarterly Report
on Form 10-Q for the period ended March 31, 2008 and in other
filings made with the Securities and Exchange Commission.
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