Friday, August 22, 2008

Nasdaq calls NMS Communications out of compliance

By Mass High Tech Staff

Framingham wireless technology and application developer NMS Communications Corp. has received notice from Nasdaq that its common stock is at risk of being delisted because it has fallen below the minimum bid price of $1 for 30 consecutive days.

As a result of the notice, NMS Communications (Nasdaq: NMSS) will have 180 days to regain compliance. Officials said the company will seek to regain compliance within that period, but did not release details.

According to Nasdaq listing rules, NMS Communications can regain compliance with the minimum bid price rule if the bid price of its common stock closes at $1 or higher for a minimum of ten consecutive business days during the initial 180-day period. Nasdaq may, in its discretion, require NMS Communications to maintain that level for a longer period of time (generally no more than 20 consecutive business days) before determining that NMS Communications has demonstrated the ability to maintain long-term compliance.

The company’s stock stands at approximately 58 cents and had a 522-week range of between 55 cents and $1.78.

NMS Communications makes platforms and applications for wireless service providers, including voice mail, multi-media messaging services and interactive  voice response systems. The company’s LiveWire division, which was spun out of the company last December, provides ringback services and boasts more than 30 operators worldwide as customers. This past spring, NMS Communications also paid $14.5 million for Bedford mobile music platform provider Groove Mobile Inc., which was expected to be rolled into the LiveWire division.

In 2007, NMS Communications reported $82.5 million in revenue with a $9.3 million loss.