Nasdaq Suspends Minimum Listing Requirements

Given the current market conditions, NASDAQ announced that effective October 16, 2008, it has suspended through January 16, 2009, the enforcement of its rules requiring that NASDAQ-listed companies maintain a minimum bid price and market value of their public float (i.e., shares held by non-affiliates). Under the current rules, NASDAQ-listed companies would have been subject to delisting for failure to maintain either (a) a minimum closing bid price of $1.00 for 30 consecutive business days or (b) the minimum market value requirements for publicly held shares for 30 consecutive business days.

During the suspension period, companies will not be penalized for any new violations for failing to comply with the minimum bid price and market value of publicly held shares. Companies presently in a delisting process for failure to comply with either of these rules will have that process suspended and will receive the benefit of any remaining grace period starting with the