If a company's stock's minimum bid price remains
below $1 per share for 30 consecutive trading days, Nasdaq will
promptly send the company a deficiency notice. Nasdaq rule
5810(b) requires a company that receives a deficiency notification
to make a public announcement that discloses receipt of the
notification, identifies the Nasdaq rule(s) upon which the
deficiency is based, and describes each specific basis and concern
identified by Nasdaq in reaching its determination that the company
does not meet the listing standard. In addition, SEC rules
require a company that receives a deficiency notice to file an Item
3.01 Form 8-K report with the SEC within four business days of
receipt, and under Nasdaq Rule 5810(b) a company can satisfy the
Nasdaq disclosure requirement by filing a Form 8-K that includes
all of the required Nasdaq disclosure.
