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Technology | TECHNOLOGY BRIEFS

Nasdaq Rejects Ants Software

May 10, 2000|Bloomberg News

Ants Software.com Inc. said Nasdaq rejected the software developer's listing application, citing its financial condition, an ongoing federal investigation and the resignation of its auditor. The Burlingame, Calif.-based company said it had "cured all of the conditions about which Nasdaq expressed concern" and would file a new application to have its shares, which trade over the counter, listed on Nasdaq. Ants fell $1.81 to close at $7.94 on the Bulletin Board. They reached their 52-week high of $55.63 on Dec. 23. In March, Ants, which says it has found a way to significantly speed up data processing, said it would restate financial results from previous years to correct errors. The 20-year-old company has never had any sales. In January, the Securities and Exchange Commission began a formal investigation of possible fraud in connection with trading in the company's shares.

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