Stock market
Net on verge of being delisted by Nasdaq
quinta-feira, 15 de agosto de 2002 , 15h48 | POR REDAÇÃO

Net?s ADR fell 20.29% on Nasdaq Wednesday, August 14, closing on an all-time low of $1.10. If it falls to $1.00, it will be in breach of Nasdaq?s listing requirements. Acute volatility also makes it hard to comply with the minimum liquidity level to remain listed: 500,000 shares traded for not less than $1 million (small cap market). If it infringes these rules, Net will be notified by Nasdaq and have 30 days to resume compliance or submit a convincing justification to the exchange?s auditors. On the São Paulo Stock Exchange (Bovespa), Net stock closed unchanged on 0.39 Brazilian Reals. The gap between U.S. and local prices could drive up the ADR somewhat if the exchange rate stays in the range of 3.20 BRL per USD.


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