ALEXANDRIA, Va.-Metrocall Inc. celebrated its move from the Nasdaq SmallCap Market to the National Market listing by filing a motion in U.S. Bankruptcy Court to end Paging Network Inc.’s exclusivity period so it may file a competing plan of reorganization.
To be listed on the Nasdaq National Market, a company must meet various financial requirements, such as revenues, minimum share bid price and number of shareholders.
Metrocall is asking for 10 days to conduct due diligence and propose a competing plan of reorganization for PageNet stakeholders to one presented by Arch Communications Group Inc.
A hearing has been scheduled for Aug. 21 for the motion.
