FalconStor, the storage company, is delisted

Struggling Feikang has left the Nasdaq stock market and the delisted storage company now trades its shares on the OTCQB instead.

Falconstor, the struggling data storage management software company, has been delisted from the Nasdaq stock market and its shares now trade on OTC Markets Group’s OTCQB market instead. The OTCQB is one of OTC Markets’ three main marketplaces, and its listing requirements are less stringent than nasdaq’s.

Feikang shares plunged 23%, or 10.5 cents, to 34.5 cents on Friday. Feikang shares have lost 65% of their value over the past 12 months.

Nasdaq informed Feikang that it was delisting because it did not meet the minimum purchase price and minimum market value for listed securities.

Todd Oseth, the new chief executive, was ousted after only six weeks in the job, we learned. He left in mid-August.

The new CEO is Todd Brookes of Razorhorse Capital, who brought along a new CFO, Patrick McClaim. Which brings us to Violin Memory’s recent near-bankruptcy and withdrawal from the New York Stock Exchange (NYSE) to move to OTCQCX. There are plenty of interesting stories behind Violin Memory.

The company has embarked on a cost-cutting program that cut nearly 70 jobs as of June 30, leaving it with 166 full-time and part-time employees as of Dec. 31.

Feikang was founded in 2000 in New York, USA, and successfully listed on NASDAQ in 2001 (company code: FALC).

The founder of Feikang Software committed suicide (October 07, 2011 news)

Feikang software founder ReiJane Huai (Hu Erizheng) (September 26, 2011) shot himself in front of his house in New York State.

Huai joined Cheyenne Software as a research and development manager in 1985. He then worked for a year at AT&T’s Bell LABS in August 1987 before returning to Shine Software (then 25) as director of engineering. The press at the time portrayed him as a workaholic. In 1991, Shane made its first profit, $3.3 million. In 1992 this figure grew to $8.2 million. In 1993 its sales reached $56.7 million and its net income was $20.7 million. In the same year, Huai became President and CEO of Shine Software. During his time at Shane Software, he helped drive the development of client-to-client communications, leading to a number of technical deals.

In 1996, Shane Software was acquired by then Computer Associates, now CA Technologies, for $1.2 billion in cash.

Huai became CA’s Executive Vice President and General Manager for Asia. This didn’t fit how Huai felt about his career, so he founded Feikang Software in March 2000 and became CEO. Nearly all of Shane’s key executives have joined his small startup. They saw an opportunity to build a successful software company again.

The growth and expansion of Feikang has been obvious to all. In 2008, Feikang was selected to Forbes’ list of “America’s 25 Fastest Growing Technology Companies,” and Huai was named Entrepreneur of the Year 2009 by Ernst & Young.

ReiJane Huai is a software person with great talent. He had success in the 20th century, but failed to replicate it in the 21st. In fact, as more and more IT giants begin to realize the importance of the storage market, the chances of Huai ever succeeding again are slim. However, its contribution to the IT industry is indisputable. Much of the technology we use today, whether it’s data storage, data backup and archiving, is based on the design principles of his era.

FalconStor, the storage company, is delisted

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