As a result of its pending merger with Cogent Communications Group Inc. (www.cogentco.com), Allied Riser Communications Corp. (www.alliedriser.com) is laying off 19 workers. The employees, who comprise 26 percent of the company’s workforce, will remain with the company for the next two months, unless the merger is completed before that date.
In related news, the Nasdaq National Market (www.nasdaq.com) notified ARC that delisting proceedings will not be initiated at this time in light of the merger activity. ARC was in danger of having its stock delisted from Nasdaq as a result of non-compliance with continued listing requirements. Nasdaq said that delisting could take place if ARC’s merger with Cogent has not been completed by January 2, 2002.
