Global l TeleSystems (GTS), a provider of telecoms services which employs more than 50 people in the Republic, will be delisted from the New York Stock Exchange.

The stock exchange suspended the company's shares on June 4th following a slump in their value to what it described as "abnormally low selling price".

The exchange also asked the securities and exchange commission to delist the firm pending an appeal process initiated by GTS.

GTS confirmed yesterday its appeal to the stock exhange's review committee against this delisting penalty had failed.

The telecoms company, with operations in Cork and Dublin, is currently undergoing financial restructuring. It owes a massive €1.65 billion (£1.30 billion) in public debt and an additional €158 million in interest obligations.

But GTS is just the latest technology firms to face delisting. Three Nasdaq quoted firms Metricom, Telenetics and Microlog Corporation have also been told they face delisting.

And next week Dublin-based Baltimore Technologies, could face similar action from the Nasdaq stock exchange authorities.

One of the exchange's listing requirements is for companies to maintain their shareprice above $1.

However, Baltimore's shareprice has been below this level for almost three weeks.

According to Mr Barry Dixon, analyst with Davy Stockbrokers, delisting raises practical difficulties as well as being very negative in terms of sentiment.

"It takes away a companies ability to raise finance in the public equity markets and forces them to seek funding in the private or debt markets," he said.

Companies must also be in compliance with one of the following requirements, along with a minimum bid price of $1 to maintain their listing on Nasdaq - (i) net tangible assets of $2 million, (ii) market capitalisation of at least $35 million, or (iii) net income of at least $750,000 for two of the last three fiscal years.