News

ObjectSoft appeals NASDAQ action

April 7, 2002

HACKENSACK, N.J. -- ObjectSoft Corp. (Nasdaq: OSFT) has asked for a hearing with Nasdaq to appeal the potential delisting of the company's stock from the Nasdaq SmallCapMarket.

The hearing is scheduled for March 29, and the delisting will be deferred until the Nasdaq Listing Qualifications Panel decides on the appeal. Nasdaq had previously informed ObjectSoft that it had failed to maintain a minimum bid price of $1 per share, the minimum requirement for listing.

ObjectSoft, a provider of video entertainment kiosks, hired CEOcast Inc. in December as its new investor relations firm after ObjectSoft's stock price tumbled from above $8 per share last March to last than .25 per share. At the time, chairman David Sarna said the company had reduced its burn rate and improved its balance sheet.

However, the stock has continued to slide, closing at 15.6 cents per share on Feb. 21.