DELISTED FIRM GETS TROUNCED.Byline: Jason Takenouchi Staff Writer Investors pounded Sound Source Interactive Inc. shares Friday after the company was delisted from the Nasdaq SmallCap Market and placed on Nasdaq's less-regulated Over The Counter Bulletin Board. The stock, which closed at 40.6 cents Thursday, fell to 25 cents on the OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). Friday., a 38 percent drop. More than 22,000 shares traded hands, a 23 percent increase over the average daily volume. The Calabasas-based children's software company lost its listing on the SmallCap Market Thursday, after market officials refused to give the company more time to comply with listing regulations. Vincent Bitetti, Sound Source chairman and chief executive officer, said the company was delisted because its net tangible assets Net Tangible Assets Calculated as the total assets of a company, minus any intangible assets such as goodwill, patents and trademarks, less all liabilities and the par value of preferred stock. Also known as "net asset value" or "book value". fell below $2 million and its stock has traded under $1 since April. But Bitetti said the move to Nasdaq's less-regulated board would not hurt Sound Source's long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. prospects. ``We view the OTC as a good place for us at this time,'' Bitetti said. ``If and when we turn around the company, we will be able to regain compliance with Nasdaq.'' Sound Source, ranked among the six or seven largest educational software publishers in the country, has struggled in recent years. Bitetti said the company was especially hurt by dismal dis·mal adj. 1. Causing gloom or depression; dreary: dismal weather; took a dismal view of the economy. 2. sales of three ``Babe Babe Paul Bunyan’s blue ox; straightens roads by pulling them. [Am. Lit.: Fisher, 270] See : Strength : Pig in the City'' titles last Christmas. |
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