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Nasdaq requires that companies listed on the exchange consistently maintain a price of at least $1 per share. AvantGo's shares last closed above $1 in April, and ended trading Tuesday at 58 cents.
AvantGo's shares will move from Nasdaq's National Market to the exchange's SmallCap Market by the end of this month.
David Cooper, AvantGo's chief financial officer, will also temporarily become AvantGo's chief operating officer, running day-to-day affairs while the company searches for a new CEO. Board member James Richardson has already taken over from Owen as AvantGo's chairman.
AvantGo first attracted attention with its free software for consumers, which allowed "channels" of Web content to be downloaded and viewed offline on a handheld device. AvantGo still supports its consumer software but now focuses on enterprise offerings, including mobile CRM (customer relationship management), SCM (supply chain management), marketing and data synchronisation applications.