The NASDAQ Stock Market has notified TRX that it is no longer in compliance with a listing rule that requires the company to maintain a minimum of US$2.5 million in stockholders’ equity. Additionally, TRX is no longer meeting the minimum bid price requirement of US$1.
After considering a number of factors, including the expenditure of resources necessary to seek to regain compliance with NASDAQ’s Listing Rules within NASDAQ’s timeframe and then attempting to maintain its NASDAQ listing, the company has decided not to undertake potentially expensive and dilutive efforts to regain compliance with NASDAQ’s minimum equity rule or minimum bid price rule, which may or may not be successful. Rather, the company has decided to voluntarily delist from the NASDAQ Capital Market. Accordingly, a Form 25 will be filed with the Securities and Exchange Commission on March 22, trading of the company’s common stock will be suspended on the NASDAQ Capital Market at the opening of business on March 30, 2010 for failure to meet the US$1 minimum bid price requirement, and the company’s common stock will be removed from listing and quotation on the NASDAQ Capital Market effective April 1, 2010.
The company anticipates its common stock will be quoted on the OTC Bulletin Board and/or the Pink OTC Markets Inc., but cannot give assurance that its common stock will be available to be quoted on one or both markets before or after trading in the company’s common stock on the NASDAQ Capital Market has ended.
TRX, Inc. provides travel technology, process automation, consulting services, and data services. For more information, visit www.trx.com .