Datapower Inc. said that while its net worth has fallen below the minimum of $375,000 required under rules for listing on the National Assn. of Securities Dealer's Automated Quotations System, its common stock will continue to be included for NASDAQ quotation under a temporary exemption.
Datapower's net worth during its fiscal 1987 third quarter ended Dec. 31 totaled only $104,000, said Frederick J. McKee, the company's chairman. However, the company expects to boost its net worth to about $3.3 million through a pair of preferred stock sales, he said. That would enable the company to regain a permanent NASDAQ listing.
McKee added that Datapower expects to report a net operating loss for the current year. As previously reported, Datapower had a $4.2-million net loss during its fiscal 1986, contrasted with a year-earlier loss of $968,000.