McLeodUSA Applies for SmallCap Market Transfer for its Class A Common Stock.Business Editors CEDAR RAPIDS Cedar Rapids, city (1990 pop. 108,751), seat of Linn co., E central Iowa, on the Cedar River; inc. as a city 1856. The second largest city in Iowa, it is named for the surging rapids in the river. , Iowa--(BUSINESS WIRE)--Aug. 30, 2002 McLeodUSA Incorporated (Nasdaq:MCLD MCLD Milestone Control Log Document ), one of the nation's largest independent competitive local exchange carriers, announced today that it has applied to transfer its Class A common stock from the Nasdaq National Market ("NNM NNM Network Node Manager NNM NASDAQ National Market (financial) NNM National Nutrition Month (March; American Dietetic Association) NNM Naryan-Mar (Russia) NNM Net New Money ") to the Nasdaq SmallCap Market. The Company has elected to seek a transfer to the SmallCap Market as its Class A common stock has not met Nasdaq's $1 per share minimum bid price requirement for continued listing on the NNM. A transfer to the SmallCap Market would provide the Company until December 3, 2002 to comply with the minimum bid price requirement of $1 per share, maintained for 10 consecutive trading days. Provided the Company continued to meet the listing requirements Listing requirements Requirements, including minimum shares outstanding, market value, and income, that are laid down by an exchange for any stock to be listed for trading. for the SmallCap Market, it would also be eligible for an additional 180-day grace period beyond December 3, 2002 in order to comply with the $1 per share minimum bid price requirement. The Company's Class A common stock would retain the trading symbol Trading symbol See: Ticker symbol , MCLD, if it trades on either the SmallCap Market or the NNM. The Company believes that it meets all listing requirements, other than the $1 minimum bid price, at this time. However, if the Company fails to meet all listing requirements, including the $1 minimum bid price, at the completion of all applicable grace periods, its Class A common stock could be subject to Nasdaq delisting Delisting When the stock of a company is removed from a stock exchange. Notes: Reasons for delisting include violating regulations and/or failure to meet financial specifications set out by the stock exchange. pending an appeals process. About McLeodUSA McLeodUSA provides integrated communications services, including local services, in 25 Midwest, Southwest, Northwest and Rocky Mountain states Rocky Mountain States A region of the western United States including Colorado, Idaho, Montana, Nevada, Utah, and Wyoming. . The Company is a facilities based telecommunications provider with, as of June 30, 2002, 43 ATM switches, 55 voice switches, 507 collocations, 525 DSLAMs and 4,740 employees. Visit the Company's web site at www.mcleodusa.com. Some of the statements in this press release include statements about our future expectations. Statements that are not historical facts are "forward-looking statements" for the purpose of the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provided by Section 21E of the Exchange Act and Section 27A of the Securities Act. Such statements include projections of financial and operational results and goals, including closing of sales of businesses, revenue, EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become , profitability, savings and cash. These forward-looking statements are subject to known as well as unknown risks and uncertainties that may cause actual results to differ materially from our expectations. Our expectations are based on various factors and assumptions and reflect only our predictions. Factors that could cause actual results to differ materially from the forward-looking statement include technological, regulatory, public policy or other developments in our industry, availability and adequacy of capital resources, current and future economic conditions, the existence of strategic alliances, our ability to generate cash, our ability to implement process and network improvements, our ability to attract and retain customers, our ability to migrate traffic to appropriate platforms, our ability to close on sales of businesses and changes in the competitive climate in which we operate. These and other risks are described in more detail in our most recent Annual Report on the Form 10K and Form 10K/A K/A Knowledge and Abilities both filed with the SEC. The Company undertakes no obligation to update publicly any forward-looking statements, whether as a result of future events, new information or otherwise. |
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