InsWeb Corp., the consumer online insurance rate quote service, announced today that NASDAQ has advised the company it no longer qualifies for continued listing on the NASDAQ National Market.
As a result of the notification the company said it is applying to transfer the listing of its shares to the NASDAQ Capital Market, formerly the NASDAQ Small Cap Market.
NASDAQ informed the company Friday that based upon the company's recent Form 10-K filing, InsWeb does not have the minimum $10,000,000 stockholders' equity requirement for continued listing on the NASDAQ National Market.
That notice gave the company until April 17 to submit a plan and timeline to comply with the NASDAQ National Market listing requirements, or make its application for transfer to the NASDAQ Capital Market.
InsWeb said the application process to transfer the listing of its shares to the NASDAQ Capital Market is underway.
If and when the transfer to the NASDAQ Capital Market is approved, the company said InsWeb common shares will continue to trade under the stock symbol “INSW.” Until that time, it said its shares will trade on the NASDAQ National Market.
InsWeb enables consumers to compare multiple, actionable quotes for auto, term life, health, homeowners, renters and condominium insurance offerings from many insurers.
The online insurance marketplace also provides live customer service, interactive tools and independent research. Headquartered in Sacramento, Calif., InsWeb is accessible at www.insweb.com.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.