Bank of Granite Corporation Receives Nasdaq Notice
18 Noviembre 2009 - 2:21PM
Marketwired
Bank of Granite Corporation (NASDAQ: GRAN) announced that on
November 12, 2009, the Company received a letter from The NASDAQ
Stock Market notifying the Company that, because the bid price for
its stock has fallen below $1.00 per share, it no longer complies
with the minimum bid price requirement for continued listing on The
NASDAQ Global Select Market. Rule 5450(a)(1) of NASDAQ's Listing
Rules requires a minimum bid price of $1.00 per share. Based on the
closing bid price of the Company's common stock for the 30
consecutive business days prior to the date of NASDAQ's letter, the
Company does not meet this requirement.
The notification does not result in the immediate delisting of
the Company's common shares from The NASDAQ Global Select Market.
In accordance with NASDAQ Listing Rules, the Company has a 180 day
grace period until May 11, 2010 to regain compliance with the
minimum closing bid price requirement. To regain compliance, the
closing bid price of the Company's common shares must meet or
exceed $1.00 per share for at least ten consecutive business days
prior to May 11, 2010.
If the Company does not regain compliance by May 11, 2010,
NASDAQ will provide written notification of the delisting of the
Company's shares. At that time, the Company may appeal NASDAQ's
delisting determination to a NASDAQ Hearing Panel. Alternatively,
the Company may be eligible for an additional grace period if it
applies to transfer the listing of its common shares to The NASDAQ
Capital Market and satisfies all criteria for initial listing on
The NASDAQ Capital Market other than the minimum bid price
requirement.
The Company is considering actions that it may take in response
to this notification in order to regain compliance with the
continued listing requirements, but no decisions about a response
have been made at this time.
Bank of Granite Corporation's common stock trades on The NASDAQ
Global Select Market under the symbol "GRAN." Bank of Granite
Corporation is the parent company of Bank of Granite and Granite
Mortgage. Bank of Granite operates twenty full-service banking
offices in eight North Carolina counties-Burke, Caldwell, Catawba,
Forsyth, Iredell, Mecklenburg, Watauga, and Wilkes.
Contact: Scott Anderson Chief Executive Officer 828.345.6866
Email Contact Jerry Felts Chief Operating Officer Chief Financial
Officer 828.322.5343 Email Contact
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