Xata Receives $5 Million to Stay on Nasdaq

Click here to write a Letter to the Editor.

leet-management technology firm Xata Corp. said it received a $5 million infusion of cash from private equity firm Trident Capital so Xata can meet Nasdaq exchange listing requirements.

Xata said in a Sept. 21 statement it needed the money to satisfy a Nasdaq rule requiring companies to have at least $2.5 million in shareholders’ equity, $35 million in listed securities or $500,000 in net income from the most recently completed fiscal year.

On Aug. 26, Nasdaq informed Xata that the firm did not meet these listing requirements and had 30 days to comply with the requirement.

Prior to receiving the investment from Trident, Xata reported having $2.26 million in shareholders’ equity, or corporate net worth, at the end of its third quarter on June 30. At the end of its most recent fiscal year on Sept. 30, 2004, the company had $5.14 million in equity.

For the full story, see the Oct. 3 print edition of Transport Topics. Subscribe today.