June 29, 2009 – (HOSTSEARCH.COM) – NaviSite, Inc. (www.navisite.com), a leading provider of Enterprise Cloud Services, Hosting Solutions and Application Management, has announced that The NASDAQ Stock Market has informed the Company that it has regained compliance with NASDAQ listing rules.
Today the Company received a letter from The NASDAQ Stock Market confirming that it has demonstrated a market value of listed securities over the required minimum of $35 million for 10 consecutive trading days, for continued listing on The NASDAQ Capital Market under Listing Rule 5550(b) (formerly known as Nasdaq Marketplace Rule 4310(c)(3)), and that the NASDAQ Hearings Panel has determined to continue the listing of the Company’s securities on The NASDAQ Stock Market.
The Company previously announced that its plan to regain compliance with the listing rules through execution of a strategic plan that includes the potential divestiture of colocation assets, a reduction of its overall debt burden, and an increased focus on the core managed hosting, application management and enterprise cloud solutions. The Company continues to pursue its strategic plan in order to improve the Company’s balance sheet by reducing its debt obligations and focus on its core businesses for growth and performance, although its completion is no longer required in order for the Company to comply with the NASDAQ continued listing rules.
