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ARTICLE · 21 OCTOBER 2008

NASDAQ Suspends Minimum Bid And Minimum Value Of Public Float Rules

Foley Hoag LLP
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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 StatesStrategy
John Hancock
John Hancock
Daniel Clevenger
Daniel Clevenger
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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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