Axeda Systems axed off the SmallCap Market

Axeda Systems Inc. of Mansfield said the Nasdaq SmallCap Market yesterday dropped its stock from being listed.

Axeda makes software that monitors and manages devices and allows for machine-to-machine communication over the Internet.

The move follows Axeda's statement in March that the Nasdaq Listing Qualifications Panel had approved a request to keep the stock listed, making exceptions for stockholders' equity and minimum bid price rules.

Axeda said it met the $2.5 million minimum equity requirements according to the exception Nasdaq granted, but the company failed to lift its stock price above the $1 threshold by June 30 as required.

The company said its stock will now appear in the "Pink Sheets," a centralized electronic trading system for over-the-counter securities run by Pink Sheets LLC. The stock's ticker symbol will change from XECAC to XEDA. The stock could head to the OTC Bulletin Board if a market maker files an application to do so.

The company warned in May 2004 that it was slipping from the Nasdaq National Market to the SmallCap Market.

In October 2004, the company completed a private placement of $4.5 million in a convertible note from Laurus Master Fund Ltd.

The stock closed at 23 cents a share on July 7, down 4 cents from its opening price.

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