Hytek Loses Appeal of Nasdaq Delisting
Hytek Microsystems, a Carson City, Nev.-based maker of hybrid microelectronic circuits for satellite systems, as well as for oil exploration, military applications, industrial electronics and opto-electronics, announced that it has withdrawn its appeal of delisting with Nasdaq and will be delisted effective Friday. The company stock will be eligible for quotation on the OTC Bulletin Board under the symbol “HTEK.”
On December 19, 2002, the company was notified that the bid price of its common stock had closed at less than $1.00 per share over the previous 30 consecutive trading days, and, as a result, did not comply with the Nasdaq’s rules. The company filed an appeal, but since it did not regain compliance, it withdrew its appeal.