Dallas, Texas 12/03/2013 (Financialstrend) – Velti Plc (NASDAQ:VELT) one of the early marketing companies with a large presence in mobile marketing and advertising is on restructuring mode. With well-established businesses in retail advertising in both the high-net worth market segments as well as emerging markets, Velti Plc, is now a different growth path. It has had successful stints in Europe as well as American continents.
Chooses to delist
In a surprise move, Velti Plc (NASDAQ:VELT) has chosen to delist its ‘ordinary shares’ from the Nasdaq Global Select Market. The voluntary delisting process will be completed on December 6, 2013 and will be submitted before the Securities and Exchange Commission, Form 25. The delisting process would effectively be completed after 10 days from the day of filing and is currently fixed for December 16, 2013.
Why is Velti de-listing
Velti Plc has opted to move away from the stock market listing largely for technical reasons – satisfying minimum bid regulations as required by Nasdaq – post the sale of some of its units. Velti has been on a frenzy of re-organizing and this has led to the company losing units which weigh it down- these include its businesses in UK, USA as well as Indian facilities focused on mobile marketing niches. In the U.S., the company has already brokered the sale of its advertising segments with GSO Capital Partners.
Velti Plc essentially operates various companies to offer its wide ranging services. Of these Mobclix unit has already filed Chapter 7, while Velti Inc and Air2WebInc have filed Chapter 11 petitions to complete the deal with GSO Capital Partners.
After the delisting the company will move its ordinary shares to the OTC(over the counter) market segment.
Velti Plc (NASDAQ:VELT) is currently has volume trade of 2.46 million shares, where the average volume of 4.24 million. Daily average price is between $0.08 and $0.10.