DOW JONES NEWSWIRES Nasdaq OMX Group Inc. (NDAQ) has asked the Securities and Exchange Commission to extend its suspension of rules requiring a minimum $1 closing bid price and a minimum market value for shares listed on its exchange.
The exchange operator filed a request to keep those rules suspended through April 20 amid what it called "continued extraordinary market conditions."
The SEC approved the suspension of Nasdaq's "penny stock" requirement, which requires shares of listed companies to stay above $1, in October, saying companies were in temporary need of relief.
Typically, companies listed on Nasdaq are required to maintain a minimum closing bid price of $1 a share. If a company trades for 30 consecutive business days below the $1 closing price, Nasdaq then allows the company 180 calendar days to regain compliance and can permit an additional 180 days depending on the company's exact listing standards. If the company isn't able to boost its share price in that period, it faces delisting from the exchange.
The market capitalization requirements stand at $5 million and $15 million for companies listed on Nasdaq's global select market and global market, respectively, and $1 million for capital market companies.
Nasdaq OMX's shares closed Thursday at $25.01 and haven't traded premarket.
-By Kerry E. Grace, Dow Jones Newswires; 201-938-5089; kerry.grace@dowjones.com
(Geoffrey Rogow contributed to this report.)
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Publié le 19 Décembre 2008 Copyright © 2008 Dowjones