After being informed it was not in compliance with Nasdaq rules, PokerTek Inc. announced on Tuesday it has applied to transfer its securities from the Nasdaq Global Market to the Nasdaq Capital Market.
According to a statement, the automated poker table manufacturer decided to apply for the transfer after Nasdaq informed the company it was not in compliance with the minimum stockholders' equity requirement of $10 million. The company said that once the transfer goes through, trading of its stock will be unaffected, including its trading symbol “PTEK.”
"For our shareholders, the transition to The NASDAQ Capital Market should be seamless and will not affect trading of our shares,” said Mark Roberson, PokerTek's chief financial officer, in a prepared statement. “This transfer will ease the financial compliance burden for our company and will reduce our annual listing fees and expenses going forward.”