FalconStor shares fall 13 percent in OTC debut
FalconStor Software, located at 2 Huntington Quadrangle in Melville, is shown on Nov. 8, 2011. Credit: Steve Pfost
FalconStor Software Inc. shares fell 13 percent Monday when the company’s stock debuted on the OTCQB Venture Market after being delisted from the Nasdaq Capital Market.
The OTCQB Venture Market is one of three tiers of the OTC Markets Group Inc.
Shares of the Melville-based storage software company lost 5 cents to close at 30 cents. FalconStor’s stock, which spiked as high as 99 cents in intraday trading on Sept. 11, has fallen more than 60 percent in the last 12 months.
The Nasdaq Stock Market’s decision to delist FalconStor followed a June 29 hearing. FalconStor was not in compliance with Nasdaq rules on minimum bid price and minimum market value of listed securities, according to a government filing.
FalconStor’s software is designed to help companies manage data storage.
Ken Schachter covers corporate news, including technology and aerospace, and other business topics for Newsday. He has also worked at The Miami Herald and The Jerusalem Post.
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