JANUARY 2, 2009


NASDAQ EXTENDS SUSPENSION OF
LISTING REQUIREMENTS

Given the continued extraordinary market conditions, Nasdaq has extended its prior suspension of the following continued listing requirements through Sunday, April 19, 2009:

  • $1.00 Minimum Closing Bid Price

    •  
  • Minimum Market Value of Publicly Held Shares

Nasdaq previously suspended these continued listing requirements from October 16, 2008 through January 16, 2009. In its filing with the SEC to extend this suspension through April 19, 2009, Nasdaq noted that
“[m]arket conditions have not improved since the suspension began” and that “both the number of securities trading below $1 and the number of securities trading between $1 and $2 on Nasdaq has increased.” Nasdaq expressed its continued belief that “there was no fundamental change in the underlying business model or prospects for many of these companies, and that a decline in general investor confidence has resulted in depressed pricing for companies that otherwise remain suitable for listing.”

Suspension of these two continued listing requirements means that issuers will not be cited for new deficiencies under these requirements and, with respect to prior deficiencies, companies will remain at the stage in any compliance period or hearings process that such companies were in as of October 16, 2008. Enforcement of these continued listing requirements, and the time allowed under compliance periods and hearings processes for prior deficiencies, are scheduled to resume on Monday, April 20, 2009.

Issuers should note that they remain subject to delisting for failure to satisfy any other listing requirements.