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ClearPoint Business Resources Inc. (OTCBB: CPBR.OB), a Chalfont PA-based vendor management system and staffing firm, said as of today shares in the company will no longer be traded on Nasdaq. However, ClearPoint's shares will still be quoted on the OTC Bulletin Board.
"The current financial environment has been very difficult for micro- and nano-cap companies like ClearPoint," said Chairman and CEO Michael Traina. "Nevertheless, we believe that ClearPoint's fundamentals are strong and that our iLabor [vendor management system] network is gaining traction in the marketplace."
Nasdaq sent a delisting notice to the company in May, saying it was not in compliance with rules requiring it to maintain $2.5 million in stockholders' equity, $35.0 million in market value of listed securities or have $500,000 in net income from continuing operations for the most recently completed fiscal or for two of the last three fiscal years. ClearPoint filed a plan to get back in compliance, but Nasdaq continued with the delisting. Nasdaq also rejected an appeal from the company to prevent the delisting.