NASD Tells Acqua Group Stocks, Warrants Delisted

The National Assn. of Securities Dealers has told Acqua Group Inc., a Van Nuys distributor and marketer of bottle-less water coolers, that Acqua’s stock and warrants would be delisted immediately from the association’s NASDAQ over-the-counter trading index, the company said Monday.

Acqua said NASD took the action because the company fell short of NASD’s listing requirements. The company said in October that it had been told by NASD that its listing was under review because Acqua fell short of certain capital surplus requirements.

Acqua said it plans to appeal the decision, citing a planned private placement of convertible preferred stock that it hopes will raise about $1.5 million. The placement was scheduled to begin Monday.

In the nine months that ended Oct. 31, Acqua lost $1.64 million on revenues of $2.18 million. In October the company had no inventory and almost no sales staff, but both have been boosted since then, president and Chief Executive Lee Archer said.