Purple Communications(TM), (Nasdaq: PRPL) announced recently that it has given formal notice to the Nasdaq Stock Market of the Company's intention to voluntarily delist its common stock from the Nasdaq Capital Market. Purple will remain a reporting company and will continue to be required to file periodic reports with the SEC.
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The decision to delist has been reached as part of the Company's strategy to conserve resources and manage costs and administrative burden given the current investigations by certain government regulators, which investigations have been previously described and disclosed in the Company's SEC filings; accordingly the Company's Board of Directors concluded that the compliance costs, listing fees and expenses and administrative burdens of maintaining the listing of its common stock with Nasdaq outweighed the benefits at this time. Purple currently anticipates that it will file with the SEC and Nasdaq a Form 25 relating to the delisting of its common stock on or about November 16, 2009, with the delisting of its common stock taking effect no earlier than ten days thereafter. As a result, Purple expects that the last day of trading of its common stock on the NASDAQ Capital Market will be on or about November 27, 2009. Following the delisting, Purple's common stock is expected to be quoted on the Pink Sheets, a centralized electronic quotation service for over-the-counter securities, so long as market makers demonstrate an interest in trading in the Company's stock. For more information about this service, please see pink sheets. However, the Company can give no assurance that trading in its common stock will continue on the Pink Sheets or any other securities exchange or quotation medium.
Purple Communications is a leading provider of onsite interpreting services, video relay and text relay services, and video remote interpreting, offering a wide array of options designed to meet the varied communication needs of its customers. The Company's vision is to enable free-flowing communication between people, inclusive of differences in abilities, languages, or locations.
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