ebix.com Inc. will appeal a NASDAQ staff determination that the company should be delisted for failure to comply with NASDAQ requirements. The appeal will stay the delisting pending the decision of a NASDAQ Listing Qualifications Panel that is expected to hear the appeal in May.
The company believes that its previously announced $7 million funding agreement with BRIT Insurance Holdings will provide it with a reasonable buffer beyond the NASDAQ minimum net tangible assets requirement of $2 million.
Among other things, the agreement provides for BRIT to make cash equity investments of $2.8 million and $4.2 million in two closings expected in mid-April and June of 2001, respectively.
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