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JLH2

06/14/17 9:02 PM

#46715 RE: dennisb #46714

Nasdaq Delisting: Process, Implications and Strategies
Requirements Initial Listing Continued Listing
Public Float (shares) 1 million 500,000
Market Value of Public Float $5 million. $1 million
Minimum Bid Price $4.00 $1.00
Round Lot Shareholders 300 300

JLH2

06/14/17 9:08 PM

#46716 RE: dennisb #46714

Don't think we would be delisted for 210+ days for sp below $1

From MF:

Companies that want to list their stocks on the NASDAQ need to meet a pretty long list of continuing requirements. Just to name a few of them, listed companies are required to:

Maintain a share price over $1.00
Maintain a $1 million valuation for all publicly held shares
Have a minimum number of stockholders – as low as 300, but varies depending on the type of listing
Maintain a minimum amount of stockholder's equity or minimum market value of all listed securities or produce net income above a specified minimum
Distribute annual reports to shareholders
Have a majority of independent directors on the company's board
Have an audit committee consisting solely of independent directors
Adopt a code of conduct applicable to all directors, officers, and employees
Hold an annual meeting of shareholders
Disclose all "material news" – defined as information that would reasonably be expected to affect the stock's value or influence investors' decisions
Pay annual listing fees, which range from $32,000 to $155,000
If any of these, or any other published requirements of the NASDAQ, are not met for a period of 30 consecutive days, the exchange can start delisting procedures.

Deficiency notice
If a company is in violation of the continued listing standards for a period of 30 consecutive days, the NASDAQ sends a "deficiency notice." The most common reasons for a deficiency notice are a share price that falls below $1.00 or a market cap that falls below the stated minimum (as low as $5 million if other requirements are satisfied).

Once a deficiency notice has been sent, the company has 90 days to comply with the continued listing standards, or 180 days if the violation was for a sub-$1.00 share price. In order to be compliant, the company's share price or market cap must rise above the minimum for at least 10 consecutive days in the 90-day (or 180-day) period.

JLH2

06/14/17 9:10 PM

#46717 RE: dennisb #46714

There would be lots of time to arrange for an RS