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UPDATE 1-NaviSite resolves violation of Nasdaq rule

Fri Oct 5, 2007 4:59pm EDT

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Oct 5 (Reuters) - NaviSite Inc (NAVI.O) said it resolved a technical violation of a Nasdaq rule that prohibits more than one vote per share.

The company said it had received a notice from the Nasdaq stating that its Series A preferred stock, issued in connection with the acquisition of netASPx, in some instances may have resulted in more than one vote per share.

NaviSite said it obtained and delivered to the Nasdaq a waiver from the stockholders of certain of their voting rights, ensuring compliance with the rule. (Reporting by Supantha Mukherjee in Bangalore)



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