Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

Superconductor Technologies Receives Nasdaq Notification To Regain Compliance

Superconductor Technologies Inc. (SCON: Quote) 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.

Register
To receive FREE breaking news email alerts for Superconductor Technologies Inc and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
After reporting four consecutive monthly increases, the National Association of Realtors released a report on Monday showing an unexpected drop in U.S. existing home sales in the month of August. NAR said existing home sales fell 1.8 percent to a seasonally adjusted annual rate of 5.05 million in August. The European Central Bank remains ready to use additional unconventional tools to counter risks to the inflation outlook and to boost the euro area economy, ECB President Mario Draghi said on Monday. "The Governing Council remains fully determined to counter risks to the medium-term outlook for inflation," Draghi said in Brussels. Stocks have moved to the downside in early trading on Monday, giving back some ground after moving mostly higher last week. The major averages have all dipped into negative territory, although selling pressure has remained somewhat subdued.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.