he company decided to apply for transfer to The NASDAQ Capital Market after receiving a letter on November 19, 2008 from The NASDAQ Stock Market stating that NASDAQ had determined that the company was not in compliance with the minimum stockholders’ equity requirement of us$ 10 million as set forth in Marketplace Rule 4450. Based on the Form 10-Q filed for the period ended September 30, 2008, the company’s stockholders’ equity was us$ 9.4 million.
Following transfer to The NASDAQ Capital Market, PokerTek’s trading symbol will remain "PTEK" and trading of the Company’s stock will be unaffected. In order to transfer to The NASDAQ Capital Market, the company must satisfy the continued inclusion requirements for that market set forth in Marketplace Rule 4310(c). The company believes it is currently in compliance with such listing standards.
Mark Roberson, PokerTek’s Chief Financial Officer, commented, "For our shareholders, the transition to The NASDAQ Capital Market should be seamless and will not affect trading of our shares. This transfer will ease the financial compliance burden for our Company and will reduce our annual listing fees and expenses going forward."