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Silverline Technologies Inc, a software developer and services provider, said on Friday it was no longer in compliance with minimum share price requirements for listing on the New York Stock Exchange.
Silverline, with offices in Piscataway, New Jersey and Mumbai, India, said its shares may rise amid an ongoing operational and financial restructuring. The shares closed on Friday at 98 cents, up 6 cents, or 6.6 per cent.
The company said it also had launched new services in addition to its applications development and software consulting services, and that it will scale back activities in New Jersey.
Additionally, Silverline said it completed a previously announced Global Depository Receipts issuance on the Luxembourg Stock Exchange, and is awaiting completion of regulatory approvals in India and abroad following the listing of the GDR shares.
Silverline said it expects to raise up to about $17 million from the offering, with proceeds to be used to reduce debt and for working capital.