Irving-based Healthaxis could be dropped by NASDAQ

by PegNews wire

IRVING — Healthaxis Inc., the Irving-based provider of claims and benefit administration applications, web-enabled software solutions and outsourced claims related services for health benefit administrators and health insurance claims processors, announced today that on March 20, 2008, it received notice from the NASDAQ Stock Market that for the previous 30 consecutive trading days, the company’s common stock closed below the minimum $1.00 bid price per share required by Marketplace Rule 4310(c)(4).

In accordance with Marketplace Rule 4310(c)(8)(D), the company will be provided 180 calendar days, or until September 16, 2008, to regain compliance with the rule. The letter further indicated that the company may regain compliance if at any time before September 16, 2008, the bid price of the company’s common stock closes at $1.00 per share or above for a minimum of 10 consecutive trading days.

Healthaxis has the 180 day period, plus another 180 day appeals period, to get back on track. If not, NASDAQ would likely de-list Healthaxis from its stocks.

Healthaxis has said that it intends to actively monitor the bid price for its common stock between now and September 16th, and consider implementation of various options available to the company if its common stock does not trade at a level that is likely to regain compliance.

Source: Healthaxis