Superconductor Technologies Inc. (SCON) said Wednesday that it has received a notification from the Nasdaq Stock Market Listing Qualifications Department stating that the company's stock bid price has fallen below $1.00 for a period of 30 consecutive business days and therefore the company is not in compliance with Nasdaq's minimum bid price rule.
According to the letter from Nasdaq, the company has been given a 180-day grace period until October 2 to regain compliance. This requires the bid price of Superconductor shares to close at $1.00 per share or higher for a minimum of 10 consecutive business days in the grace period.
At the end of this period, if the company has not regained compliance, it may be eligible for an additional grace period of 180 days, provided it meets the continued listing requirement for market value of publicly held shares and all other initial listing standards, with the exception of bid price, for the NASDAQ Capital Market and it provides NASDAQ with notice of its intent cure the bid price deficiency in time.
However, if the company is not eligible for the additional grace period, it will receive notification that its securities are subject to delisting, and it may then appeal the delisting determination to a Hearings Panel.
The company noted that it intends to monitor the closing bid price of its shares and consider implementing available options to regain compliance with the minimum bid price requirement.
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