DATATRAK delisted from NASDAQ

MAYFIELD HEIGHTS, Ohio — DATATRAK International, which offers clinical trials software, was delisted from NASDAQ and will be traded over-the-counter.

The company has been in violation of the stock market’s minimum equity rule since September, but had been appealing and presenting plans on how it planned to meet NASDAQ’s basic standards.

NASDAQ requires companies to have at least $2.5 million in stockholder equity, $35 million market value of listed securities, or $500,000 of net income from continuing operations for the most recently completed fiscal year (or two of the three most recent fiscal years).

It seems like eons, but four years ago DATATRAK was trading at close to $14 per share. The stock quickly declined from that point on and then cratered from $2 in 2008 to about 25 cents today. There have been a series of leadership changes at the company in the past year — including the retirement of longtime leader Jeffrey Green. Executives had said the company was stronger and debt free after a rocky 2008.