Debt Resolve Inc. of White Plains said that it wonâ€™t appeal the American Stock Exchangeâ€™s decision to suspend trading of the companyâ€™s common stock for not meeting listing standards.
Debt Resolve, which runs an online consumer debt settlement service, said it has applied to list the stock on the OTC Bulletin Board.
For now, Debt Resolve said that the stock may trade on the Pink Sheets.
In August, the company said it lost $4.2 million, or 48 cents a share, during the second quarter.
Shares of EpiCept Corp. were higher by a penny a share in afternoon trading today, at 48 cents a share, after reaching a 52-week low of 44 cents a share Friday, following news that the companyâ€™s shares face renewed scrutiny by Nasdaq officials.
The Eastview-based biotechnology company said Friday it was notified two days prior that it hadnâ€™t yet regained compliance with a regulation that requires the companyâ€™s shares to maintain a market value of $35 million for 10 consecutive trading days.
Last month, Nasdaq officials gave EpiCept until May 5 to regain compliance with the listing requirement.
With last weekâ€™s news, EpiCept said it plans to seek a hearing with Nasdaq officials.
EpiCept shares also face delisting for failing to maintain a minimum $1 a share bid price, Nasdaq officials warned the company last month. The company. which is developing treatments for pain and cancer, has until Oct. 13 to regain compliance with minimum-bid price rules.
In the event the companyâ€™s shares are delisted, EpiCept said, they may be eligible to trade on the over-the-counter market, an informal method for trading stocks.