Rainmaker Systems, Inc. Announces Continued Listing on NASDAQ
CAMPBELL, CA -- (Marketwired) -- 04/26/13 -- Rainmaker Systems, Inc.
(NASDAQ: RMKR) announced today that the NASDAQ Hearings Panel (the
"Panel") of The NASDAQ Stock Market LLC has granted the Company's
request for continued listing on the NASDAQ Capital Market.
As previously reported, the Company's stock was subject to delisting
due to the Company's failure to comply with the minimum stockholders'
equity requirement of Rule 5550(b)(1). The Company had requested a
hearing before the Panel to seek continued listing. On April 25,
2013, the Company received final notification that the Panel had
granted the Company's request for continued listing, subject to the
Company providing to the Panel a month-end consolidated balance sheet
reporting stockholders equity of greater than $2.5 million as of
April 30, 2013, and providing a written update to the Panel by June
30, 2013 regarding the status of the Company's compliance plan to
sustain long-term compliance with the minimum stockholders' equity
The Panel's Analysis and Conclusion stated: "The Company has new
management with experience as a turnaround specialists. It has
completed a direct registered offering, which has closed the gap on
stockholders' equity, at least temporarily. In addition, it is
tracking well on its turnaround efforts, having reduced the burn rate
considerably and attracted interest from investors..."
Accordingly, the Panel granted the Company's request for continued
listing subject to the above-referenced conditions.
Rainmaker Systems, Inc. (NASDAQ: RMKR) is a Commerce-as-a-Service
(CaaS) company that helps large enterprises gain greater market share
and increased brand awareness for cloud-based or on-premise based
product offerings in the worldwide SMB market. Rainmaker does this
with an advanced e-Commerce open architecture SaaS platform that
easily integrates cloud-based applications and on-premise
applications with its Global Commerce Services to provide its clients
with a strategic partnership.
Safe Harbor Statement
This press release may contain forward-looking statements regarding
future events. These forward-looking statements are based on
information available to Rainmaker as of this date and the company
assumes no obligation to update any such forward-looking statements.
These statements are not guarantees of future performance, and actual
results could differ materially from current expectations. Among the
factors that could cause actual results to differ materially from
those in the forward-looking statements are client concentration, as
the company depends on a small number of clients for a significant
percentage of its revenue; the possibility of the discontinuation
and/or realignment of some client relationships; general market
conditions, the current difficult macro-economic environment and its
impact on Rainmaker's business, as clients are reducing their overall
marketing spending and their customers are reducing their purchase of
service contracts; market acceptance of our service programs and
pricing options; the financial condition of our clients' businesses
and other factors detailed the company's filings with the Securities
and Exchange Commission (SEC), including our filings on forms 10-K
For more information, visit www.rainmakersystems.com or call
NOTE: Rainmaker Systems and the Rainmaker logo are registered with
the U.S. Patent and Trademark Office. All other service marks or
trademarks are the property of their respective owners.
Deborah A. Stapleton
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