Datatrak International, the US-based eClinical specialist that has been restructuring and downsizing in an effort to pull itself back into the black, has been delisted from NASDAQ after failing to meet the US stock exchange’s minimum equity requirement.

The company’s shares will now trade over the counter (under the same symbol, DATA) through the electronic quotation service operated by Pink OTC Markets Inc. In future Datatrak common shares may also be quoted on the Over-the-Counter Bulletin Board maintained by the Financial Industry Regulatory Authority, the company noted.

Datatrak was notified on 2 June that a Nasdaq Listing Qualifications Panel had decided to remove the company’s securities from the exchange with effect from 4 June 2009.
Nasdaq had given Datatrak until 1 June 2009 to demonstrate compliance with the requirements for continued listing on the US exchange.

Following a hearing on 8 January, the Nasdaq Hearings Panel granted Datatrak’s request for continued listing subject to the condition that, on or before 1 June 2009, it demonstrated compliance with the market’s US$2.5 million minimum stockholders’ equity requirement or one of the alternative criteria for continued listing. The company was previously informed in June 2008 that it faced delisting unless it complied with the exchange’s Minimum Bid Price Rule by 8 December 2008.

In the first quarter ended 31 March 2009, Datatrak ran up operating losses of US$786,864 compared with losses of US$2,224,676 in the opening quarter of 2008. In the latest quarter the losses included US$634,000 in severance charges, mainly related to the departure of two Datatrak executive officers.

Revenues for Q1 2009 were US$2,086,176, almost level with the US$2,088,229 recorded in the first quarter of 2008.