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PeoplePC to File Appeal for Nasdaq Listing Qualification Hearing
7/13/2001 6:50:00 PM
SAN FRANCISCO, Jul 13, 2001 (BUSINESS WIRE) -- PeoplePC, the company that makes it easy and affordable to get online, announced today that it will request a hearing with regard to an action taken by the Nasdaq staff to delist its stock. The request for a hearing will suspend the action until the Nasdaq Listing Qualifications Panel (the "Panel") reaches a final decision on the Company's appeal.
As the Company previously announced in its Form 10-Q filed with the Securities and Exchange Commission on May 15, 2001, it is not currently in compliance with Nasdaq's minimum bid requirement (Nasdaq Marketplace Rule 4450(b)(4)). PeoplePC received a Nasdaq Staff Determination on July 10, 2001 indicating non-compliance, and therefore its securities are subject to delisting from the Nasdaq National Market.
There is no assurance that the Panel will decide in the Company's favor on appeal. If the action is sustained, the Company anticipates that its shares will be traded on the NASD OTC Bulletin Board.
About PeoplePCPeoplePC, founded in early 1999, provides a hassle-free and more affordable way to get online so that everyone can have access to and participate in the digital economy. PeoplePC offers its unique end-to-end solution both to individual consumers and to major corporations interested in wiring their workforces and creating deeper relationships with customers through PeoplePC online real estate. A PeoplePC membership comes complete with a new, brand name computer system, Internet access, and high-quality customer support and service. There's also a value-packed, customizable online community that fosters long-term connections with PeoplePC members and ongoing revenue possibilities. PeoplePC offers its services on a global basis, allowing people across the world to reap the rewards of the digital age. For more information, visit http://www.peoplepc.com.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: The foregoing press release contains forward-looking statements under the federal securities laws about the trading of the Company's common stock, including statements concerning the Company's continued compliance with Nasdaq listing requirements, continued trading on Nasdaq, and the Company's intent to pursue continued listing on Nasdaq. These forward-looking statements are subject to significant risks and uncertainties. In particular, even if the Company satisfies certain Nasdaq listing requirements, it may fail to remain in compliance with other listing requirements, the Company may decide not to pursue continued listing on Nasdaq, the Nasdaq Listing Qualifications Panel could reject the Company's appeal of Nasdaq's delisting action, and, in the event of delisting, the Company may not attempt to have its common stock traded on the NASD OTC Bulletin Board.
CONTACT:
PeoplePC Inc., San Francisco
Lisa Murray, 415/901-6987
lmurray@peoplepchq.com
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