HandHeld says in compliance with Nasdaq |
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Sat, 17 Feb 2007 00:01
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SAN FRANCISCO (AP) - Web site operator HandHeld Entertainment on Friday said it is back in compliance with Nasdaq listing rules after receiving a letter stating that it failed to file a required notice.The rules require a company to notify the Nasdaq 15 days before entering into a transaction that may result in greater than 10 percent of its total outstanding shares being issued.On Feb. 5, HandHeld agreed to buy Putfile Ltd. for a combination of cash and about 2.1 million shares, which exceeded the 10 percent threshold, and it did not give prior notice to Nasdaq, according to a filing with the Securities and Exchange Commission.The company said it received the letter on Monday and 'has provided all documentation requested by Nasdaq that is needed to regain compliance.'Shares of HandHeld added 10 cents, or 2.8 percent, to $3.65 in aftermarket activity, after sliding 15 cents, or 4.1 percent, to end at $3.55 on the Nasdaq, where they have traded between $1 and $7.78 in the past year.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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