Nasdaq sends Merge a warning letter

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The Nasdaq Stock Market notified Merge Healthcare that it was not in compliance with Nasdaq Marketplace Rule 4450(a)(5) because shares of its common stock had closed at a per share bid price of less than $1 for 30 consecutive business days.

In accordance with Marketplace Rule 4450(e)(2), Merge will be provided with 180 calendar days, or until Sept. 29, to regain compliance. This notification has no effect on the listing of its common stock at this time, according to Milwaukee-based Merge.

To regain compliance with the Minimum Bid Price Rule, Merge said the closing bid price of its common stock must close at $1 per share or more for a minimum of ten consecutive business days.

If Merge does not regain compliance by Sept. 29, Nasdaq will notify the company that its common stock will be delisted. In that event and at that time, the Merge said it may appeal Nasdaq’s delisting determination to a Nasdaq Listing Qualifications Panel.