RESTON, Va., Feb. 16, 2016 (GLOBE NEWSWIRE) -- STG Group, Inc. (“STG” or the “Company”) today announced that on February 16, 2016, the Company received notification from The Nasdaq Stock Market (“Nasdaq”) regarding Nasdaq’s intention to file a Form 25 with the Securities and Exchange Commission to complete the delisting of the Company’s stock from Nasdaq. The process to relist the Company’s stock on Nasdaq is underway.
As background, on November 23, 2015, the Company received a letter from Nasdaq indicating its intent to suspend trading in the Company’s securities on The Nasdaq Capital Market, effective with the open of the market on November 25, 2015. The Company immediately applied for relisting on Nasdaq, and continues to pursue the relisting process.
The November 23, 2015 decision was based on Nasdaq’s stated view that the Company did not meet the minimum shareholder requirement set forth in Nasdaq Listing Rule 5550(a)(3). Meeting this requirement is a common challenge for Special Purpose Acquisition Companies (SPACs), which the Company was prior to its business combination. The Company believes that it will be able to demonstrate compliance with all applicable initial listing requirements, including the 300 round lot shareholder requirement, as it seeks relisting.