The company, which sells spam-filtering software, also yesterday reported tiny revenue for its first quarter. Commtouch had revenue of $160,000, up from $106,000 a year ago, and a net loss of $1.6m, compared to a loss of $1.1m.
Throughout last year, the company made funding deals aimed at showing its stability and helping sales. Cash in hand at March 31 was $4.6m, compared to $4.1m at the start of the year. It received almost $1.5m from convertible loans in January.
Commtouch sells its software directly and indirectly via an OEM deal with Sybari Software Inc, an email security company that, coincidentally, filed its IPO papers with the Securities and Exchange Commission yesterday (see separate story).
The firm said it is appealing the Nasdaq delisting decision, which means the stock will continue to be traded pending an appeals hearing. Commtouch needs to regain compliance with one of the three criteria to maintain its listing.
