This situation looks like it's no longer a problem.
In fact with this earnings numbers coming up imo this will be a distant memory...............
Loudeye Appeals Nasdaq Determination and Requests Hearing
Company will Present Plan for Achieving Listing Compliance
Seattle, WA — July 3, 2003 — Loudeye Corp. (Nasdaq: LOUD), a leading provider of services for the management, promotion and distribution of digital media, today announced that it has requested a hearing to appeal a Nasdaq Staff Determination that the Company no longer complies with the $1.00 minimum bid price requirement for continued listing, and that the Company's common stock is, therefore, subject to delisting from the Nasdaq SmallCap Market, pursuant to Nasdaq Marketplace Rule 4310(c)(4).
The Company received a letter from Nasdaq dated June 27, 2003 indicating that the Company's common stock would be delisted pursuant to Nasdaq Marketplace Rule 4310(c)(4) unless the Company requested a hearing by July 7, 2003. Today, Loudeye formally requested an oral hearing before a Nasdaq Listing Qualifications Panel to review the Staff's determination. The request automatically stays the delisting of Loudeye's common stock pursuant to Nasdaq Marketplace Rule 4800 Series. Until the Panel's ultimate determination, Loudeye's common stock will not be delisted and will continue to be traded on the Nasdaq SmallCap Market under its current ticker symbol LOUD. Hearings with the Panel typically occur within thirty to forty-five days of a company's request.
If, during the appeal process, Loudeye’s common stock complies in full with the minimum bid price requirement, and continues to meet all other listing requirements, Loudeye could regain full compliance to remain listed on the Nasdaq SmallCap Market without requiring further actions or proceedings with the appeal hearing.
The Company intends to present a comprehensive plan to the Nasdaq Listing Qualifications Panel for achieving compliance with the Nasdaq Marketplace Rules, but there can be no assurance that the Panel will grant the Company's request for continued listing.
If the appeal is denied, the Company's common stock will be delisted from the Nasdaq SmallCap Market. In such event, the Company's common stock will trade on the OTC Bulletin Board's electronic quotation system, or another quotation system or exchange on which the shares of the Company may qualify. There can be no assurance that the Company’s application to trade its shares in such a manner will be accepted.
About Loudeye Corp.
Loudeye provides the business infrastructure and services for managing, promoting and distributing digital content for the entertainment and corporate markets. For more information, visit www.loudeye.com.
Forward Looking Statements
This release contains forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about the Company’s ability to satisfy Nasdaq’s listing requirements. These statements are based on current estimates and actual results may differ materially due to risks, including the possibility of adverse changes in the market for distribution of digital music that we serve; adverse or uncertain legal developments with respect to copyrights surrounding the creation and distribution of digital music; pricing pressures and other activities by competitors; the failure of our hosting infrastructure; the complexity of our services and delivery networks; any problems or failures in the structure, complexities or redundancies of our network infrastructure; failures in third party telecommunication and network providers to provide required transmission capacity; our capacity to scale and support third party technologies; lack of market acceptance for our products and services; the possible delay in the adoption of digital media or related applications on the web in general; and other risks set forth in our most recent Form 10-Q, Form 10-K and other SEC filings which are available through EDGAR at www.sec.gov. We assume no obligation to update the forward-looking statements.
Contacts
Media/Public Relations: Andrew Cullen, Barokas Public Relations, 206.264.8220, andrew@barokas.com
Investor relations: Michael Dougherty, 206.832.4000, ir@loudeye.com
