The company's stock closed at 16 cents per share Monday. Trading above $1 a share is one of the requirements for listing on the Nasdaq market. USOL is taking the de-listing under the SEC rules for companies with fewer than 300 record holders. With the de-listing, USOL will no longer have to file quarterly reports to the SEC.
USOL offers telephone, cable television and high-speed Internet service to more than 130 apartments and other multifamily communities in five markets. Customers include complexes owned by AMLI Residential, Simpson Housing and Gables Residential.
The de-listing will save USOL money, but will have no other impact on the company, Jim Livingston, the company's CEO, said in a press release. The company will announce quarterly earnings later this week and will update shareholder of its financial condition through press releases, Livingston said.
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