Bank of Granite Corporation announced that on Sept. 22, the company received a letter from The NASDAQ Stock Market notifying the company that, because of the bid price for its stock has fallen below $1 per share, it no longer complies with the minimum bid price requirement for continued listing on The NASDAQ Global Select Market.
The NASDAQ listing rules requires a minimum bid price of $1 per share. Based on the closing bid price of the company's common stock for the 30 consecutive business days prior to the date of NASDAQ's letter, the company does not meet this requirement.
The notification does not result in the immediate delisting of the company's common shares from The NASDAQ Global Select Market. In accordance with NASDAQ Listing Rules, the company has a 180-day grace period until March 21 to regain compliance with the minimum closing bid price requirement. To regain compliance, the closing bid price of the company's common shares must meet or exceed $1 per share for at least 10 consecutive business days prior to March 21.
If the company does not regain compliance by March 21, NASDAQ will provide written notification of the delisting of the company's shares. The company may then appeal the delisting determination to a hearing panel. Alternatively, the company may be eligible for an additional grace period if it applies to transfer the listing of its common shares to the NASDAQ Capital Market and satisfies all criteria for initial listing.
The company is considering actions that it may take in response to this notification in order to regain compliance with the continued listing requirements, but no decisions about a response have been made at this time.