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NaviSite, Inc. (NASDAQ: NAVI), a leading provider of application management and managed hosting solutions, today announced that it had cured a technical violation of a Nasdaq rule that prohibits more than one vote per share. On October 3, 2007, NaviSite, Inc. received notice from the Nasdaq Listing Qualifications Staff stating that the company’s Series A Preferred Stock, recently issued in connection with the September acquisition of netASPx, did not comply with the voting rights requirements set forth in Marketplace Rule 4351 because the shares, in certain limited instances and based upon an event of default, may have resulted in more than one vote per share. The Staff also stated in the letter that the company has regained compliance with the Rule and the matter is now closed. The Staff had previously verbally notified the company of such noncompliance and in response to the verbal notification, the company took action to resolve the matter by obtaining and delivering to the Staff a waiver from the holders of the Series A Preferred Stock of certain of their voting rights. The waiver limits the voting rights of the holders of the Series A Preferred Stock to the extent necessary to ensure compliance with the Rule. About NaviSite, Inc. NaviSite is a leading provider of application management and managed hosting solutions. More than 1400 customers depend on NaviSite for application development, implementation and management on its web infrastructure platforms in 16 state-of-the art data centers supported by more than 700 professionals. NaviSite provides customized and scalable solutions leveraging its broad range of application development capabilities, packaged software implementation expertise, deep portfolio of best in class technologies and a full suite of web-hosting and Internet infrastructure options.
Article Source: http://www.share.onlypunjab.com
For more information visit www.navisite.com.
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