Primix Solutions, a small e-services company based here, withdrew its request for a hearing with Nasdaq and said it expects its stock to be delisted, according to a Securities and Exchange Commission filing.
Primix initially received a delisting notice from Nasdaq on Nov. 30. The hearing before the exchange was scheduled to be held Thursday. According to the SEC filing this week, however, Primix said it plans to trade on the Over-The-Counter Bulletin board upon being delisted.
The earlier Nasdaq determination, according to the SEC filing, found that Primix was no longer in compliance with either the minimum $4 million net tangible assets or the minimum $10 million stockholders' equity requirement.
Primix closed trading Wednesday at 10 cents per share. In mid-November, Primix signed a deal to sell its U.S. operations to Toronto-based Burntstand, which sells e-commerce services, for $7 million in cash.
Primix executives were not immediately available for comment Thursday. In a statement released in November regarding the agreement with Burntstand, however, CEO Lennart Mengwall said he was concerned that the "scale of our business overall may be insufficient to support the liabilities present on our balance sheet."
He also said the market's reluctance to support companies in the e-services space and economic uncertainty led to his decision to divest the North American regional operation.
Primix has about 80 employees and has offices in New York, Sweden and Denmark.
The deal is expected to be closed sometime this month, subject to the "satisfaction of the conditions to closing set forth in the agreement, including the approval of Primix shareholders."