Brookfield-based Connecture Inc. has announced plans to withdraw its stock from the Nasdaq Stock Market.
The health insurance marketplace software developer said it plans to file the necessary paperwork with the Securities and Exchange Commission at the end of the month, and expects it will be effective Nov. 9.
The company plans to list its shares on the OTCQX market.
Connecture received a deficiency notice from Nasdaq in May, indicating it had not met the required $15 million minimum market value of publicly held shares for the past 30 consecutive business days. Per Nasdaq rules, it had until Oct. 31 to bring its market value into compliance with the rule or its stock would be delisted.
Connecture’s board of directors approved the voluntary withdrawal of the company’s common stock from listing on the Nasdaq after assessing the probability of regaining compliance with the Nasdaq Listing Rules, the company said.
Connecture shares were trading at 33 cents per share this morning.
Earlier this year, BizTimes reported on shareholder pushback that the company had received. A report from mergers and acquisitions intelligence site MergerMarket said the company had demonstrated “lackluster” performance since it went public in December 2014, according to industry bankers anonymously quoted in the report.
A representative with the company could not immediately be reached for comment.
