Netpliance, the one-time maker of the I-opener Web-surfing appliance, has received notice from the Nasdaq that the company has failed to meet the stock market's requirements to remain listed. The Austin, Texas-based company has asked for a hearing on the matter. Netpliance shares have been trading below $1 since late last year. Its shares closed Thursday at 42 cents.
The company said in a statement it believes "that the recent change in its business focus and its relatively strong financial condition, among other things, will lead to a recovery in the price of the company's common stock." However, Netpliance said it can give no assurances of such a rebound. Chief Financial Officer Kit Webster said Thursday in an interview that the company has not ruled out other options such as a reverse split.