North American Scientific (NAS) has received a notice from the Nasdaq Stock Market, dated August 20, indicating that for the last 30 consecutive business days, the bid price of its common stock has closed below the minimum $1 per share requirement for continued inclusion.
Therefore, in accordance with Nasdaq’s Marketplace Rule 4450(e)(2), the company has 180 calendar days, or until Feb. 17, 2009, to regain compliance. If, at anytime before that date, the bid price of NAS’ common stock closes at $1 per share or more for a minimum of 10 consecutive business days, the Chatsworth, Calif.-based company understands that Nasdaq’s staff will provide written notification that it has achieved compliance with the rule.
However, if NAS does not regain compliance with the rule by Feb. 17, 2009, Nasdaq will provide written notification that its common stock will be delisted. At that time, the company may appeal Nasdaq’s determination to delist its common stock to a panel.
In mid- April, Nasdaq sent NAS a different non-compliance letter, indicating that the company had failed to regain compliance with the minimum $1 bid price per share requirement within the 180 calendar-day compliance period, which ended on April 2.