Borealis Technology Corp lost its Nasdaq listing this week – an act of mercy for those analysts who have to scour the company’s quarterly figures for any possible signs that the Carson City, Nevada sales force automation vendor might be worth recommending to investors. It bowed out of the public arena with nine month revenues down 34% to $476.437, a 58% fall in the third quarter and a $6.7m net loss for the first nine months. This has been an unhappy year for the company with a high turnover of management, including the departure of CEO John Murphy in March after just eight months in office. Borealis’ showpiece Arsenal product has just five customers and yet someone believes in Borealis. On the day it exited Nasdaq, Borealis said it had received an additional $2.2m in net proceeds from equity investments as part of a private placement round of financing. As recently as June, the company received $3m as part of a private placement round of financing.
