Nasdaq Rejects Ants Software - Los Angeles Times

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. MORE TO READ