North American Scientific (NAS) has received a letter from the Nasdaq Stock Market, dated Oct. 24, indicating that the company is in compliance with the minimum $2.5 million stockholders’ equity requirement for continued listing.
On Oct. 16, Nasdaq filed with the Securities and Exchange Commission (SEC) to suspend its ‘penny stock’ requirement, which requires shares of listed companies to stay above $1. The SEC has since approved the request, with the commission agreeing that companies are in temporary need of relief, according to the Wall Street Journal.
As a result of regaining compliance with Nasdaq Marketplace Rules, the Nasdaq Listing Qualifications Panel has determined that the hearing scheduled for Oct. 30, is no longer necessary. The company said its common stock will continue to be listed on the Nasdaq Capital Market and will continue to trade under the symbol NASM.
In a related matter, the Chatsworth, Calif.-company said it received a letter from Nasdaq, dated Oct. 22, notifying the company that Nasdaq has suspended enforcement of the bid price and market value of publicly held shares requirements through Jan. 16, 2009.
NAS said it is currently in a bid price compliance period and as a result of this suspension, it will have until May 26, 2009 to regain compliance by achieving a $1 closing bid price for a minimum of 10 consecutive trading days.