News

UBICS switches to NASDAQ SmallCap Market

June 17, 2002

CANONSBURG, Pa. -- Kiosk solutions provider UBICS Inc. (NASDAQ:UBIX), which has spent nearly a year battling to remain on the NASDAQ National Market, on June 17 announced that it had successfully applied with the stock exchange to shift to its SmallCap Market. UBICS began trading on the SmallCap Market on June 17.

NASDAQ informed UBICS on July 25, 2001, that it would be delisted from the National Market for not complying with exchange requirements, including a $5 million minimum market value. According to NASDAQ's Web site, the company had a market value of $4,232,790 as of June 17.

UBICS appealed the decision and was allowed to remain on the National Market. On Sept. 27, NASDAQ suspended all stock delistings until the end of the year in the wake of the Sept. 11 terrorist attacks.

According to a UBICS release, the company still faces a delisting determination from NASDAQ, but that will be extended until Aug. 13 because of its transfer to the SmallCap Market.

UBICS stock was at 61 cents at the close of trading on June 17.