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ClearPoint Business Resources Inc. (NASD: CPBR) said Friday it appealed the decision by Nasdaq officials to delist its stock. The firm's stock was to be removed from the exchange Friday, but the appeal puts the delisting on hold.
ClearPoint, in May received a letter saying the company wasn't in compliance with rules requiring it to maintain $2.5 million of stockholders' equity, $35 million in market value of listed securities or $500,000 in net income from continuing operations for the most recent fiscal year or two of the last three fiscal years. The company had submitted a plan to get back in compliance, but Nasdaq staff on July 16 had notified the company that the delisting would take place.