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ClearPoint Business Resources Inc. (NASD: CPBR) said Tuesday that Nasdaq officials decided to delist the company's stock. The delisting will take place July 25, although the company can request an appeal of the decision.
In May, Nasdaq sent ClearPoint 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 submitted a plan to get back in compliance, but Nasdaq staff on July 16 notified the company that the delisting would take place.