CyberCash is to delist its common stock from the Nasdaq Stock Market so the shares will be eligible for trading on the Over the Counter Bulletin Board. The move comes in response to the Nasdaq's threat to delist the company given its recent restructuring and intention to sell its operations to Network 1 Financial.
The Virginia-based payments company says it is taking steps to facilitate trading on the Bulletin Board as soon as possible and will make additional details known as they become available.
CyberCash stresses that it is continuing to operate in the ordinary course of business and its customers will not experience any interruption in service or degradation of support.
John Karnes, CyberCash's chief financial officer, says: "The Nasdaq's decision does not mean that CyberCash is going out of business, as some of our competitors would have people believe...it is absolutely business as usual."
He adds: "We are forecasting March to be our best month ever, anticipating well over 11 million Internet payment transactions, and we are continuing to receive large software orders from resellers who have satisfied themselves that we can continue to support them."