Jaco Electronics (JACO) Receives Notices of Failure to Comply with Nasdaq Listing Standards
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Last night, Jaco Electronics, Inc. (Nasdaq: JACO) announced that on September 15, 2009 it received a notice from the Listing Qualifications Department of The Nasdaq Stock Market advising it that Jaco's common stock is subject to delisting from the Nasdaq Global Market, as the Company is not in compliance with the continued listing standards as set forth by Nasdaq Marketplace Listing Rules 5450(b)(2)(C) or 5450(b)(3)(C), which require that a Nasdaq Global Market listed company maintain a minimum market value of publicly held shares of $15 million.
In addition, in a separate notice dated September 15, 2009, NASDAQ advised the Company that it was not in compliance with the $1.00 minimum closing bid price requirement as set forth in Nasdaq Marketplace Rule 4450(a)(5). Such letters are standard procedure when a company is not in compliance with Nasdaq continued listing requirements.
Jaco has 90 days to regain compliance with the Minimum MVPHS Rules and 180 days to regain compliance with the Minimum Bid Price Rule. The Company is evaluating what actions, if any, it will take in response to the notices it received from NASDAQ. There can be no assurance that the Company will not be delisted from the Nasdaq Global Market.
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