Melville, New York-based Esprit Systems Inc, in more prosperous times the terminals division of Hazeltine Corp, has completed negotiations with a group of Taiwan-based investors recruited by its major shareholder, ADI Corp, for the sale of 16m shares to raise $6m. But the company has had to see its listing on the American Stock Exchange terminated because it is no longer in full compliance – notably a net worth of $4m if company has recorded losses in three of its last four fiscals. The National Association of Securities Dealers is to allow the shares to trade on NASDAQ, granting a temporary waiver for the fact that Esprit does not as yet meet its capital and surplus requirements.
