ICT giant connecting 43 Indian data centres receives NASDAQ warning for low shares price
Company has now 180 days to bring its shares price to more than $1.00 per share before further action is taken.
One of India’s largest ICT solutions and services provider has received a letter from the Listing Qualifications Department of the Nasdaq Stock Market warning to low share prices.
Sify Technologies was sent the letter indicating that, based upon the closing bid price of the company’s common stock for the last 30 consecutive business days, the company did not meet the minimum bid price of $1.00 per share required for continued listing on The Nasdaq Global Select Market pursuant to Nasdaq Listing Rule 5450(a)(1).
Sify has now been given 180 days to regain compliance pursuant to Nasdaq Listing Rule 5810(c)(3)(A).
If by June 26, 2017, Sify has managed to secure a common stock price of at least $1.00 for a minimum of ten consecutive business days, Nasdaq will provide the company with written confirmation that it has achieved compliance with the minimum bid price requirement.
According to NASDAQ, failure to meet rule 5450(a)(1) will result in triggering rule 5801 with states that “a company’s failure to maintain compliance with the applicable provisions of the Rule 5000 Series will result in the termination of the listing unless an exception is granted to the Company”.
This morning, the company’s share price were up 0.04% ($0.0003), remaining bellow $1.00 at $0.8003.
Sify employs more than 2,100 staff and has its headquarters in Taramani, Chennai.
The company offers end-to-end solutions with a range of products delivered over a common telecom data network infrastructure reaching more than 1300 cities and towns in India.
This telecom network today connects 43 data centres across India including Sify’s six Tier 3 data centres across the cities of Chennai, Mumbai, Delhi and Bengaluru.
According to the company, a significant part of its revenue is derived from enterprise services, comprising of telecom services, data center services, cloud and managed services, applications integration services and technology integration services.