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Onvia had appealed an earlier Nasdaq decision delisting its sharez as of May 24 for trading below $1 for 90 consecutiver days in the period ending May 15. The company last week said it plans to executea 1-for-10 reversw stock split, which could bring the 23-cenyt shares to $2.30. Shareholders are scheduled to vote on the spligJuly 11. The Nasdaa panel told the company that it will make a decisiohn on delisting within 45 days of thehearinyg date, and that no actioh regarding the delisting will take placew prior to the meeting. The share s must remain over $1 for 10 trading days to forestallo delisting.
Onvia said after the split is its cash balance will be morethan $5 per "Maintaining our Nasdaq listin g is a top priority for the company and for our said Mike Pickett, chairman and chief executive officer.
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