SUNNYVALE, Calif.-Because its request to be listed on the Nasdaq SmallCap Market has been denied, Conductus Inc. said it hired Alliant Partners to provide financial advisory services to help it raise more capital.
Alliant Partners is an investment banking firm focused on providing advice for mergers, acquisitions, divestitures and strategic partnering, as well as private debt and equity financing for growth or acquisition.
Conductus said it requested an oral hearing as to why its Nasdaq listing application was denied. The hearing is yet to be scheduled and the delisting of Conductus’ common stock has been stayed pending the results of the hearing.
Charles Shalvoy, president and chief executive officer of Conductus, said the company met Nasdaq’s requirement for listing as of Dec. 31, but he does not expect the company to meet those same requirements by March 31.
“We are taking actions designed to help us satisfy the listing requirements by June 30,” said Shalvoy, referring to its efforts to raise additional capital. “However, even if we are successful in these efforts, Nasdaq may deny our appeal if they believe we will not satisfy the criteria over the longer term.”
