Bank of Granite Corporation Receives NASDAQ Notice
24 Septiembre 2010 - 8:27AM
Marketwired
Bank of Granite Corporation (NASDAQ: GRAN) announced that on
September 22, 2010, 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 March 21, 2011 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 March 21, 2011.
If the Company does not regain compliance by March 21, 2011,
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. Bank of
Granite operates twenty full-service banking offices in eight North
Carolina counties -- Burke, Caldwell, Catawba, Forsyth, Iredell,
Mecklenburg, Watauga, and Wilkes.
Contact for this release: Scott Anderson Chief Executive Officer
828.345.6866 Email Contact Jerry Felts Chief Operating Officer and
Chief Financial Officer 828.322.5343 Email Contact
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