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Nasdaq market kicks out Trinsic

The Tampa phone company failed to comply with the SmallCap Market's listing requirements.

By LOUIS HAU
Published November 19, 2005

TAMPA - Trinsic Inc. said Friday its shares will be kicked off the Nasdaq SmallCap Market on Monday, ending a long struggle by the troubled Tampa phone company to remain listed.

The company said it expects its shares to begin trading at www.pinksheets.com under the ticker symbol TRIN and will seek to have its shares traded on the OTC Bulletin Board.

"We've run out of options to continue our listing on the Nasdaq SmallCap Market or any other established market," Trinsic corporate counsel Andrew Graham acknowledged Friday. "We're going to focus on business and try to make our way back to another exchange."

Trinsic announced the delisting after Friday's market close. The company's stock finished its final day of trading on the Nasdaq at $1.10 a share, down a penny.

Trinsic's most recent goal at Nasdaq was to try to lift its stock price to at least $1 a share and maintain stockholders' equity of at least $2.5-million as of Sept. 30.

Thanks to a 10-for-1 reverse stock split in September, Trinsic met the stock price requirement. But the company's filing on Monday with the Securities and Exchange Commission revealed it fell short of the stockholders' equity requirement, clearing the way for the delisting.

Shares of Trinsic, formerly known as Z-Tel Technologies, debuted on the Nasdaq in December 1999 at a presplit $30 a share, quickly peaked at around $50 in early 2000 and then plummeted into the single digits months later after the burst of the technology stock bubble. Faced with severe competitive and regulatory challenges, Z-Tel/Trinsic struggled in recent years to keep its stock price in compliance with Nasdaq listing requirements.

[Last modified November 19, 2005, 01:07:13]