KEY POINTS:
Shares in recently listed Diligent Board Member Services Inc took a 17 per cent dive today.
Executives in the New York based company were not immediately available to comment.
The 11 cent slump to a record low of 54 cents was on relatively slim volume of 10,000 shares.
The company raised $24 million in December, issuing stock at $1 a share. It was one of only four new listings on NZX last year excluding mutual funds. NZX had not issued a "please explain" notice by 11am.
Last month, the software company said net sales for the period were US$513,103 ($636,051), marginally higher than the projected figure of US$503,178.
The company sells and licenses software that looks after the paperwork for corporate board members.
Chairman Rick Bettle commented last month at the result that the company was in optimistic mood.
He said sales were being held up by a shortage of fully trained staff but that had addressed with 32 staff recruited.
Founder and former chief executive Brian Henry has taken over as sales manager.
He had to step down during the IPO when he failed to disclose details about his and brother Gerald Henry's connection to New Zealand company EnergyCorp which failed in the 1980s.
Mr Bettle reminded investors that the founding shareholders have agreed to a graduated share cancellation scheme of up to 20 per cent of the total founders' shares if annualised licence fee projections contained in the offer document are not met.
- NZPA
