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Wednesday, August 25, 2010 7:32:08 PM
Appeal to Nasdaq Panel. The company’s appeal may be made through a written submission to, or at a hearing before, a Nasdaq listing qualifications panel of two or three persons selected by Nasdaq. The panelists are independent representatives of the business community and cannot be employees of the National Association of Securities Dealers, Inc., the organization which operates Nasdaq. If a hearing is requested, it is generally held within four to six weeks. The company must pay a fee of $2,300 for a hearing and $1,400 for a written appeal.
Plan of Compliance. In the appeal, company representatives present a "plan of compliance" ¾ the company’s plan to achieve and sustain compliance with the Nasdaq maintenance standards. Without a credible plan, delisting is usually swift and certain. The mere assertion that the company believes its stock will trade above the minimum price is insufficient.
Decision. The Nasdaq panel renders its decision, typically within two to four weeks after the written submission or hearing. If the decision is to delist, the delisting becomes effective at the close of trading on the day the company is informed of the decision.
Further Appeals. The company may appeal the Nasdaq panel’s delisting decision to the Nasdaq Listing and Hearing Review Council within 15days, and the Review Council may on its own motion elect to review any decision within 45 days. The NASD Board of Governors may, in its discretion, review any decision by the Review Council. Aggrieved issuers may also appeal any Nasdaq decision to the SEC or federal court. Appeals beyond the Nasdaq panel do not stay delisting and are rarely pursued.
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