Datatrak, a Cleveland-based eClinical company, was delisted from the stock exchange after failing to meet NASDAQ's $2.5-million minimum stockholders' equity requirement.
The company will trade its shares over the counter under the same symbol (DATA). The delisting came as no surprise to Datatrak, which received a letter from NASDAQ last August warning the company that it was not in compliance with the stock exchange's minimum equity requirement. Datatrak had until June 1 to comply with NASDAQ's requirements.
Datatrak's struggles began more than a year ago as the company posted several quarters of losses and retained Healthcare Growth Partners as a strategic and financial advisor in an effort to increase the company's value. For the most recent quarter, Datatrak's loss was $787,000, a decrease from more than $2 million for the same period last year.
CEO Jeffrey Green stepped down in January, after 17 years, and the company has yet to replace him.