BP, I agree there is no news that can bring us to a buck soon. Here is a slightly dated but good explanation of the delisting process.
The Delisting Process
1. Deficiency Notice:
If a company listed on the NCM fails to meet the minimum bid price requirement for a period of thirty consecutive trading days, it can expect to receive a deficiency notice from NASDAQ. The deficiency notice will identify the listing deficiency and will provide that the company has a period of 180 calendar days during which to regain compliance with the continued listing requirements. In order to regain compliance (if the deficiency is based on the failure to maintain the minimum bid price), the company’s closing bid price must be at or above $1.00 for a minimum of ten consecutive trading days during such period.
Within four business days of the receipt of the deficiency notice, a company must publicly disclose the receipt of the deficiency notice by filing an 8-K with the SEC. The 8-K must disclose the date the deficiency notice was received, describe the listing requirement the company has failed to satisfy and detail any action it plans to take in response to such deficiency notice.
NASDAQ maintains a list of non-compliant companies which is updated daily and posted at www.nasdaq.com.
2. Additional Compliance Period for NCM Listed Companies:
If a company listed on the NCM is unable to regain compliance with the $1.00 minimum bid price requirement within the initial 180 day period, it will receive a second 180 day grace period provided the company (a) has at least $1 million in market value of shares held by non-affiliates and satisfies all of the other listing requirements for initial listing on the NCM (except the bid price requirement) and (b) notifies NASDAQ of its intent to cure the listing deficiency. If it does not appear to NASDAQ that it is possible for the company to cure the deficiency, this second grace period will not be granted.
3. Delisting Letter:
If a company is unable to regain compliance within the grace period (including the additional grace period, if available), NASDAQ will issue a delisting letter. Within four business days of the receipt of the delisting letter, the company must publicly announce the receipt of the letter by filing an 8-K with the SEC.
4. Hearing:
Upon receipt of a delisting letter the company will have seven days to submit a written request for a hearing before the NASDAQ Listing Qualifications Panel. The timely submission of this request will stay the delisting process pending the decision of the panel. At a hearing the company will be required to present a plan to regain compliance with the continued listing standards. The plan of compliance should describe the manner in which the company will regain and maintain compliance with the NASDAQ continued listing standards. NASDAQ has stated that the plan should include the implementation of a reverse stock split in the near term – no later than 180 days after receipt of the delisting letter. In determining whether to provide the company with the opportunity to implement its plan of compliance, the panel may consider other factors such as the company’s fundamental financial strengths and weaknesses, the overall market, the company’s historical bid price and impending corporate actions. Fees for a hearing range up to $5,000.
5. Failure to Request a Hearing:
If the company does not request a hearing, upon the expiration of the seven day period NASDAQ will suspend trading of the security and proceed with the delisting.
6. Additional Appeals:
If the panel determines to proceed with the delisting, the company will have fifteen days to appeal the panel’s decision to the NASDAQ Listing and Hearing Review Council. It may also appeal any NASDAQ decision in federal court. These actions will not stay the delisting process.
It looks to me that BPTH qualifies for an additional 180 days. IMO a reverse split would only lead to more shorting and the OTCBB is the only real alternative.
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