Trinsic Inc., the former Z-Tel Communications Inc. that was a major player in the UNE-P space, is in danger of losing its listing on the NASDAQ
The NASDAQ Stock Market Inc. last week notified Trinsic that it is in violation of NASDAQ’s voting rights rule, as well as rules requiring submission of a Listing of Additional Shares Notification Form before any stock is issued.
Trinsic recently issued Series H preferred stock, and says it also has violated the market value of listed securities/shareholders’ equity deficiency for which it recently received an extension to regain compliance.
According to the company, the letter states that the NASDAQ Listing Qualifications Panel will consider these new deficiencies as it decides whether to allow Trinsic’s continued listing on the NASDAQ SmallCap Market. The company said it is working to resolve any violations, but that it cannot ensure the violations will be resolved or that they will not result ultimately in the delisting of the company’s common stock from the NASDAQ SmallCap Market.
Trinsic offers consumers and businesses traditional and IP telephony services.