Internet Communications Corp (ICC) must be ruing the day it got a call from Rocky Mountain Internet (RMI) to talk about a possible merger. RMI pulled out of the deal to buy INCC last week and INCC sued it for damages for productivity losses and the effect the cancellation has had on its share price (10/15/98). Yesterday, the Greenwood Village, Colorado-based internet service provider announced that it has received a letter from Nasdaq asking for a plan to ensure that it meets all the requirements for a Nasdaq listing. After the announcement last week the stock fell just over 48% to $2.50 and yesterday it closed down $0.3125, or 10.6% at $2.625. ICC has until October 29 to get the plan to Nasdaq. Companies have to maintain at least one of the following three conditions to maintain a Nasdaq listing: $2m in tangible assets, net income of $500,000 or a market capitalization of $35m. The company says it used to have the market capitalization, but the stock plunge wiped that out. It needs to find a way of achieving the other two and only has nine days in which to do it. It did not want to discuss how it plans to go about that.
