The Austin-based company's stock price has been below $1 a share, the minimum trading price required by Nasdaq, since early March. The shift to the Nasdaq Small Cap market gives USOL until September to get the price back to $1. Shares were trading at 40 cents this morning.
USOL, through its subsidiary US OnLine, provides telecommunications services to 136 apartment communities in Austin, San Antonio and five other cities. The services include telephone, cable television and high-speed Internet access.
As of March 31, US OnLine had signed 27,101 subscribers out of 73,315 potential users to one or more of its services. More than two-thirds of the 27,000 subscribers were for telephone service.
Roy Rose becomes the company's chairman after serving as a board member since 1999. Jim Livingston remains president and CEO.
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