Velocity Express Corp. last week said it had received a letter from the Nasdaq Listing Qualifications Staff, saying its common stock will continue to be listed on the Nasdaq SmallCap Market
subject to certain conditions.
Velocity Express provides same day delivery service to the financial, pharmaceutical, and office supply industries from 151 locations and a fleet of some 6,000 vehicles. The company has announced center openings even as its listing problems broke earlier in 2004
In its most recent announcement, Velocity said it had failed to timely file its Form 10-K for the fiscal year ended July 3, 2004, and also failed to timely file its Form 10-Q for the first quarter of fiscal year 2005. The company also failed to hold its annual shareholders' meeting for fiscal year 2003.
Velocity Express said it has promised NASDAQ it will hold a shareholders' meeting no later than January 20, 2005, gain shareholder approval of a reverse stock split to address its minimum NASDAQ price.
The panel granted Velocity exceptions to listing requirements subject to specific conditions. Among other things, the company must file its delinquent reports, hold the promised stockholders’ meeting and maintain a minimum per-share trading price of $1 for a specific period.