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ARTICLE · 21 OCTOBER 2008

NASDAQ Suspends Minimum Bid And Minimum Value Of Public Float Rules

Morrison Foerster
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Effective October 16, 2008, NASDAQ announced that it has suspended through January 16, 2009, the application of its continuing requirements for listing on the NASDAQ Stock Market related to the bid price and market value of publicly held shares of NASDAQ-listed companies.

United StatesFinance and Banking
Jay De Groot
Jay De Groot
John Hempill
John Hempill
Charles Katz
Charles Katz
Stephen Thau
Stephen Thau
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Effective October 16, 2008, NASDAQ announced that it has suspended through January 16, 2009, the application of its continuing requirements for listing on the NASDAQ Stock Market related to the bid price and market value of publicly held shares of NASDAQ-listed companies. Under the minimum-bid price rules, NASDAQ-listed companies are subject to delisting for failing to maintain at least a $1 closing bid price for 30 consecutive business days, and under the minimum value of public float rules, NASDAQ-listed companies are subject to delisting for failing to meet requirements for the minimum market value of publicly held shares for 30 consecutive business days.

In suspending these rules, NASDAQ cited the recent unprecedented market turmoil, along with the fact that the number of NASDAQ-listed companies trading below $1 per share increased from 64 as of September 30, 2008, to 227 on October 9, 2008. NASDAQ believes that these declines in share prices reflect a

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