Andover, Massachusetts – (The Hosting News) – October 31, 2007 – Application solutions, hosting, infrastructure and content delivery services firm, NaviSite, has resolved its technical violation of the Nasdaq voting rule, that prohibits more than one vote per share.
On October 3, 2007, NaviSite, Inc. received notice from the Nasdaq Listing Qualifications Staff stating that the company’s Series A Preferred Stock, recently issued in connection with the September acquisition of netASPx, did not comply with the voting rights requirements set forth in Marketplace Rule 4351 because the shares, in certain limited instances and based upon an event of default, may have resulted in more than one vote per share. The Staff also stated in the letter that the company has regained compliance with the Rule and the matter is now closed.
The Staff had previously verbally notified the company of such noncompliance and in response to the verbal notification, the company took action to resolve the matter by obtaining and delivering to the Staff a waiver from the holders of the Series A Preferred Stock of certain of their voting rights. The waiver limits the voting rights of the holders of the Series A Preferred Stock to the extent necessary to ensure compliance with the Rule.
NaviSite is a provider of application solutions, hosting and content delivery services for the mid market. With over 950 customers in 14 data centers; offices in the US, UK and India; NaviSite is the partner of choice for outsourcing enterprise applications and related technology services to drive IT Efficiency and Effectiveness. NaviSite delivers application implementation and management, hosting and content delivery services and is the industry’s only single source provider of complex application and IT services for mid sized companies.
For more information about NaviSite, please visit www.navisite.com.