Yesterday was the deadline for Internet Communications Corp, the Greenwood Village, Colorado-based internet service provider, to submit a plan to the Nasdaq stock exchange to convince the exchange that it should not be de-listed. At press time the company had not submitted its plan, but said it would do so by the end of its business day. It was unwilling to divulge any details of the plan, but said that if Nasdaq rejects its proposals, it has the option of an appeal. The company hit hard times after its acquisition by Rocky Mountain Internet (RMI) was abandoned by RMI. ICC subsequently sued RMI for at least $30m in damages for productivity losses and the effect the acquisition cancellation has had on its share price; the latter was the main reason why Nasdaq threatened the company with de-listing (10/21/98). 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 used to have the market capitalization, but the stock price plunge wiped that out.
