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(July 11, 2001) -- Leapnet Inc. received approval from the Nasdaq to continue trading its stock after the company completed a reverse five-for-one split that brought its price within the market's limits.

In a filing with the Securities and Exchange Commission, Leapnet's management said it received a letter June 26 announcing that a Nasdaq panel agreed to continue its listing.

The online marketing and communications company had sought a hearing from the panel after it was advised its stock has failed to meet a $1 minimum price requirement. It would have been dropped from the electronic markets to trade on the "pink sheets," or lists of over-the-counter stocks, a move which often hinders the ability to secure financing.

Shares in Leapnet had been trading under $1 since late 2000; after the June 6 split, the price rose above the limit. -- Mercedes Cardona

Copyright July 2001, Crain Communications Inc.

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