24/7 Averts Nasdaq Delisting

NEW YORK 24/7 Real Media has regained compliance with the continued listing requirements of the Nasdaq, avoiding a delisting from the SmallCap Market.

Last month, the New York-based advertising and technology company appealed a Nasdaq ruling that the company’s stock was subject to delisting because it did not comply with the $1 minimum bid price requirement [IQ Daily Briefing, May 21]. Since then, the company’s stock price has climbed from 39 cents to $1.04 today. Now that 24/7 has regained compliance, the appeal hearing will not be held.

The stock’s turnaround is in part due to the infusion of $7 million in equity and the elimination of long-term debt [IQ Daily Briefing, June 10]. The company also said it has focused on faster-growth, higher-margin business, reducing its operating expenses and strengthening its financial resources.

“We are very pleased to see these efforts reflected in a dramatic recovery in our stock price and we look forward to building upon our improved operating performance,” 24/7 chairman and chief executive David J. Moore said in a statement.

The company’s shares [TFSM] were trading midday at $1.04, up 3 cents or 3 percent. The stock’s 52-week high is $1.38 and 52-week low is 14 cents.