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USOL Files De-Listing Papers

AUSTIN-The telecommunications provider for the multifamily industry is using a rule that applies to companies with less than 300 record holders. Today's filing is a must-take action since it's been trading regularly below the $1 per share requirement.

By Tim Green | Updated on November 13, 2002

AUSTIN-USOL Holdings Inc. today is filing documents with the Securities and Exchange Commission to de-list from Nasdaq trading. The Austin-based company provides telecommunications services to multifamily complexes.

The company’s stock closed at 16 cents per share Monday. Trading above $1 a share is one of the requirements for listing on the Nasdaq market. USOL is taking the de-listing under the SEC rules for companies with fewer than 300 record holders. With the de-listing, USOL will no longer have to file quarterly reports to the SEC.

USOL offers telephone, cable television and high-speed Internet service to more than 130 apartments and other multifamily communities in five markets. Customers include complexes owned by AMLI Residential, Simpson Housing and Gables Residential.

The de-listing will save USOL money, but will have no other impact on the company, Jim Livingston, the company’s CEO, said in a press release. The company will announce quarterly earnings later this week and will update shareholder of its financial condition through press releases, Livingston said.

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