Mcglen Internet Faces Delisting by Nasdaq

Mcglen Internet Group Inc., a Tustin specialty technology company, said Thursday that its stock may be removed from Nasdaq and that it has requested an oral hearing before a Nasdaq National Market panel to halt the delisting.

The company said in a press release that it has been notified that it didn’t meet minimum bid price requirements for continued listing on the Nasdaq SmallCap market.

Mcglen must demonstrate to a Nasdaq panel that it has the ability to meet the bid requirement, as well as maintain long-term compliance with all other criteria. Mcglen expects its pending merger with Lan Plus Corp. to create a company with revenue of more than $100 million annually.

Mcglen’s shares lost 3 cents Thursday to close at 31 cents a share.