Rediff.com announced that it is delisting its shares from the Nasdaq Capital Markets. Rediff's shares will now be traded on the over-the-counter marketplace following delisting and deregistration. The quarter ended March 2016 will be the last financial results the company will be posting on the stock exchange. The company said that the reasons for its withdrawal from listing and registration relate to the cost of filing periodic reports with the Securities and Exchange Commission and meeting other applicable regulatory requirements. " The current economic climate has not only impacted the capital markets, but the digital advertising industry as well. As such, we are constantly looking for ways to reduce costs and increase shareholder value as we continue to focus our efforts on growing the core business and leveraging our comprehensive on-line offerings," CEO Ajit Balakrishnan said in a statement. On February 3, 2016 Rediff received a letter from Nasdaq which said that for the previous 30 consecutive business days, the bid price for Rediff’s American Depository Shares (ADSs) closed below the minimum $1 per ADS requirement for continued listing on the Nasdaq Capital Market. The company's stock opened on Nasdaq's Global Market at $23.25 per share. The company's highest stock price was at its highest in $26.45 in March 2006. Earlier in August 2015, Rediff moved its stocks from the Nasdaq Global Market to the smaller Nasdaq Capital Market as it did not meet the stock market’s minimum equity level for continued listing on the Global Market. Financials Rediff reported cash reserves of Rs 32.2 crore ($4.2…
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