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NASDAQ Suspension of Minimum Bid Price Requirement to Expire on August 3, 2009 07/30/2009

Posted by Morse Barnes-Brown Pendleton in Corporate, Legal Developments, Public Companies.
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Corporate Attorney Daniele Ouellette LevyBy Daniele Ouellette Levy

NASDAQ has stated that it does not expect to extend the suspension of the minimum bid price requirement past July 31, 2009, the current expiration date. Click here for details. Without further action by NASDAQ, the minimum bid price requirement will be reinstated on Monday, August 3, 2009. Once this requirement is reinstated, NASDAQ-listed companies may face delisting proceedings if their closing bid price falls below $1.00 for thirty consecutive business days. The company will then have 180 calendar days to achieve compliance.

NASDAQ initially suspended the minimum bid price requirement in October, citing extraordinary market conditions, and it extended the suspension in each of December and March.

NASDAQ’s recent action is consistent with the actions of the NYSE. The NYSE’s suspension of the minimum trading price requirement will expire on July 31, 2009.

For more information on NASDAQ listing requirements, please contact Daniele Ouellette Levy.

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