News

UBICS to remain on NASDAQ National Market

March 7, 2002

Summarize withChatGPTGrokPerplexityClaude

CANONSBURG, Pa. - Kiosk designer and IT consultant UBICS Inc. (NASDAQ:UBIX) will remain on NASDAQ's National Market until at least January following the exchange's decision on Sept. 27 to place a moratorium on all stock delistings for the rest of the year.

UBICS was informed on July 25 that it would be delisted from the National Market, pending appeal, because the company did not comply with the exchange's $5 million minimum market value.

The moratorium lifts restrictions on minimum bid prices and public float requirements until Jan. 2, 2002. NASDAQ's Web site on Oct. 5 listed UBICS with a market cap of $5.8 million.

UBICS also announced on Oct. 5 that it had repurchased more than 100,000 shares of its common stock since July 1 at an average price of 80 cents per share. The buybacks represented the company's confidence in its current direction, UBICS president and chief executive officer Robert Harbage said in a news release.

UBICS stock soared 56 percent on Oct. 5, the day the announcement was made, finishing the day at 83 cents, up 30 cents.