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AOL Latin America faces delisting

America Online Latin America on Friday said it has received a delisting notice from Nasdaq. Shares of the AOL Time Warner subsidiary were slightly down at the opening bell but then rose 5 percent to 38 cents in morning trading. The company once traded at nearly $10 a share, but its valuation plummeted in 2002.

America Online Latin America's market capitalization is now below the $35 million required to trade on the Nasdaq SmallCap Market, prompting Nasdaq to issue the delisting notice The company intends to appeal the ruling over the next 30 to 60 days, during which time the stock will continue to trade. The company added that it has enough cash to fund operations into early 2003, according to a statement.