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发帖数: 1511 | 1 http://www.investopedia.com/articles/02/032002.asp
How Delisting Works
The rules for delisting depend on the exchange and which listing requirement
needs to be met. For example, on the Nasdaq, the delisting process is set
in motion when a company trades for 30 consecutive business days below the
minimum bid price or market cap. At this point, Nasdaq's Listing
Qualifications Department will send a deficiency notice to the company,
informing it that it has 90 calendar days to get up to standard in the case
of the market value listing requirement or 180 calendar days if the issue is
regarding the minimum bid price listing requirement. The minimum bid price
requirement, which is $1, and the market value requirement (minimum $5
million, provided other requirements are met) are the most common standards
that companies fail to maintain. Exchanges typically provide relatively
little leeway with their standards because most healthy, credible public
companies should be able to meet such requirements on an ongoing basis.
However, while the rules are generally considered to be written in stone,
they can be overlooked for a short period of time if the exchange deems it
necessary. For example, on September 27, 2001, the Nasdaq announced that it
was implementing a three-month moratorium on price and market value listing
requirements as a result of the market turbulence created by the September
11, 2001, terrorist attacks in New York City. For many of the approximately
400 stocks trading under $1, the freeze expired on January 2, 2002, and some
companies found themselves promptly delisted from the exchange. The Nasdaq
makes other exceptions to its rules by extending the 90-day grace period for
several months if a company has either a net income of $750,000,
stockholders' equity of $5 million or total market value of $50 million. |
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