Full Press Release Details
| FOR IMMEDIATE RELEASE | CONTACT: | Thomas Plotts |
| December 30, 2009 | CFO | |
| IR@atrinsic.com | ||
| 212-273-1141 |
Inc. Announces Receipt of Notice from
NEW YORK- (December 30, 2009)
- Atrinsic, Inc. (NASDAQ: ATRN) announced today that it received a notice on
December 28, 2009 from the NASDAQ Stock Market indicating that the Company no
longer meets the minimum bid price requirement for continued listing on the
NASDAQ Global Market as set forth in Marketplace Rule 5450(a)(1). The notice
stated that the bid price of the Company's common stock has closed below the
required minimum $1.00 per share for the previous 30 consecutive business days.
The NASDAQ notice has no immediate effect on the listing of the Company's common
stock and the Company's common stock will continue to trade under the symbol
accordance with NASDAQ rules, the Company has until June 22, 2010 to regain
compliance with the minimum closing bid price rule. If at any time before June
22, 2010, the bid price of the Company's common stock closes at $1.00 per share
or more for a minimum of 10 consecutive business days, NASDAQ will notify the
Company that it has regained compliance with the minimum bid price
event the Company does not regain compliance with the rule prior to June 22,
2010, NASDAQ will notify the Company that its securities are subject to
delisting. However, the Company may appeal the delisting determination to a
NASDAQ hearing panel and the delisting will be stayed pending the panel's
determination. Alternatively, the Company may apply to transfer the listing of
its common stock to the NASDAQ Capital Market if it satisfies all criteria for
initial listing on the NASDAQ Capital Market, other than compliance with the
minimum bid price requirement. If such application to the NASDAQ Capital Market
is approved, then the Company may be eligible for an additional grace
Company intends to actively monitor the bid price for its common stock between
now and June 22, 2010, and will consider available options to regain compliance
with the Nasdaq minimum bid price requirements.
is a leading internet marketing company. Atrinsic is organized as a single
segment with two principal offerings: (1) Transactional services - offering full
service online marketing and distribution services which are targeted and
measurable online campaigns and programs for marketing partners, corporate
advertisers, or their agencies, generating qualified customer leads, online
responses and activities, or increased brand recognition; and (2) Subscription
services - offering our portfolio of subscription based content applications
direct to users working with wireless carriers and other
brings together the power of the Internet, the latest in mobile technology, and
traditional marketing/advertising methodologies, creating a fully integrated
multi platform vehicle for the advanced generation of qualified leads monetized
by the sale and distribution of subscription content, brand-based distribution
and pay-for-performance advertising.
press release contains forward-looking statements. Forward-looking statements
involve known and unknown risks and uncertainties, which may cause the Company's
actual results in future periods to differ materially from forecasted results. A
number of factors, including those described in the Company's filings with the
U.S. Securities and Exchange Commission (SEC), could adversely affect the
Company. Copies of the Company's filings with the SEC are available from the
SEC, may be found on the Company's website or may be obtained upon request from
the Company. The Company does not undertake any obligation to update the
information contained herein, which speaks only as of this