Verticalnet gets delisting warning from Nasdaq

Verticalnet Inc. said it has received a staff determination letter from Nasdaq saying the Malvern company is subject to delisting for failing to meet certain capital and net income requirements.

In the May 23 letter, Nasdaq said Verticalnet needed to maintain minimum stockholders' equity of $2.5 million, or $35 million market value of listed securities, or $500,000 of net income from continuing operations for the most recently completed fiscal year or two of the three most recently completed fiscal years.

Previously, Nasdaq had threatened to delist Verticalnet for failing to maintain a minimum stock price of $1. Verticalnet shares traded at $1.89 a year ago, but have gone as low as 25 cents.

Verticalnet in a release said it has proposed plans to comply with both requirements. It is waiting for a final ruling.

Shares were up 2 cents to 33 cents in late morning trading.