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IPass faces possible delisting from Nasdaq

IPass Inc.'s common stock could be delisted from Nasdaq for its continued failure to satisfy one of the exchange's listing rules, unless iPass requests a hearing before the Nasdaq Hearings Panel in the immediate future, the company said in a March 21 filing.

The company received a letter from the Nasdaq listing qualifications department on March 15 formally notifying it of the possible consequence of its noncompliance of the $1.00 bid price as required by Nasdaq Listing Rule 5450(a)(1) as of March 14.

IPass said it intends to timely request a hearing before the panel, which will stay any delisting until the outcome of the hearing and the expiration of any extension.

At the hearing, iPass will present a plan to regain compliance with the bid price requirement, which could include but not be limited to a reverse stock split, subject to stockholder approval at its upcoming annual meeting.