FriendFinder Networks Inc., (FFN) which went public in 2011 at $10 a share, has received a notice of non-compliance from NASDAQ that could lead to its delisting from the stock exchange
The company in a SEC filing said:
“On January 10, 2012, the Company received a notice of non-compliance from Nasdaq stating that the minimum bid price of its common stock had fallen below $1.00 per share for the last 30 consecutive business days.”
“Nasdaq Rule 5450(a)(1) requires a $1.00 minimum bid for continued listing of an issuer’s common stock.
“In accordance with Rule 5810(c)(3)(A), the Company has until July 9, 2012, one hundred and eighty (180) calendar days from January 10, 2012, to regain compliance,” the announcement continued.
“The Company can regain compliance with the minimum bid price rule if the bid price of its common stock closes at $1.00 per share or more for a minimum of 10 consecutive business days during the 180 calendar day period.”
If the company is able to regain compliance, the threat of delisting will be lifted. However, if it does not, become compliant by July 9, 2012, “the Nasdaq staff will provide the Company written notification that its securities are subject to delisting, unless the Company otherwise qualifies for an extension of time.”
FriendFinder Network closed yesterday at $.86 a share.
It has a 52 week low of $.51
Internet companies come and go,
Yet, domains go with the flow,
While a Net company can go lame,
The domain remains the same
From a Domain Lover
Your title has a typo. i before e except after c (and always before the v)
maybe friendfinder.com will be on the drop list soon?
Ouch $500k, rather be shot and have the money.