The NASDAQ Stock Market LLC has filed with the Securities and Exchange Commission a proposed rule change to extend until July 19, the temporary suspension of continued listing requirements related to bid price and market value of publicly-held shares for listing on the NASDAQ Stock Market. The current suspension was to expire on April 19. Stating that market conditions have not improved since the suspension began in October 2008, and that both the number of securities trading below $1.00 and the number of securities trading between $1.00 and $2.00 on NASDAQ has increased over that time, NASDAQ proposes to continue the temporary suspension of the bid price and market value of publicly-held share requirements for an additional three months.
Under the suspension, companies would not be cited for new bid price or market value of publicly-held shares deficiencies during the suspension period, and the time allowed to companies already in a compliance period or in the hearings process for bid price or market value of publicly-held shares deficiencies would remain suspended with respect to those requirements. Following the temporary suspension, any new deficiencies would be determined using data starting on July 20. When the suspension expires, companies that were in a compliance period as of October 16, 2008, when the suspension first began, would receive the balance of any pending compliance period in effect at the time of the initial suspension.