BluePhoenix (BPHX) Receives Noncompliance Notice from Nasdaq
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BluePhoenix Solutions Ltd. (Nasdaq: BPHX), reported today that it received on September 19, 2011 a letter from The NASDAQ Stock Market notifying the Company that it fails to comply with the minimum bid price requirement for continued listing on the NASDAQ Global Market as set forth in Marketplace Rule 5450(a)(1). The letter indicated that for the 30 consecutive business days preceding the date of the letter, the bid price of the Company’s shares had closed below the $1.00 per share minimum bid price required for continued listing. The notification does not result in the delisting of the Company’s shares from the NASDAQ Global Market at this time, and the Company's shares will continue to trade on the NASDAQ Global Market.
The Company has until March 19, 2012 to regain compliance with the minimum closing bid price requirement. In general, to regain compliance, the closing bid price of the Company's shares must meet or exceed $1.00 per share for at least ten consecutive business days. The letter states that The NASDAQ stock Market staff will provide written notification that the Company has achieved compliance with Rule 5450(a)(1) if at any time before March 19, 2012, the bid price of the Company’s common shares closes at $1.00 per share or more for a minimum of 10 consecutive business days.
If the Company does not regain compliance by March 19, 2012, The NASDAQ Stock Market Staff will provide written notification to the Company that the Company’s common shares will be delisted. At that time, the Company may appeal the delisting determination to a NASDAQ Listing Qualifications Panel. Alternatively, the Company may apply to transfer the listing of its shares to the NASDAQ Capital Market if it satisfies all criteria for initial listing on the NASDAQ Capital Market, other than compliance with the minimum bid price requirement. If such application to the NASDAQ Capital Market is approved, then the Company may be eligible for an additional 180 day grace period.
The Company is considering actions that it may take in response to this notification in order to regain compliance with the continued listing requirements.
The Company has until March 19, 2012 to regain compliance with the minimum closing bid price requirement. In general, to regain compliance, the closing bid price of the Company's shares must meet or exceed $1.00 per share for at least ten consecutive business days. The letter states that The NASDAQ stock Market staff will provide written notification that the Company has achieved compliance with Rule 5450(a)(1) if at any time before March 19, 2012, the bid price of the Company’s common shares closes at $1.00 per share or more for a minimum of 10 consecutive business days.
If the Company does not regain compliance by March 19, 2012, The NASDAQ Stock Market Staff will provide written notification to the Company that the Company’s common shares will be delisted. At that time, the Company may appeal the delisting determination to a NASDAQ Listing Qualifications Panel. Alternatively, the Company may apply to transfer the listing of its shares to the NASDAQ Capital Market if it satisfies all criteria for initial listing on the NASDAQ Capital Market, other than compliance with the minimum bid price requirement. If such application to the NASDAQ Capital Market is approved, then the Company may be eligible for an additional 180 day grace period.
The Company is considering actions that it may take in response to this notification in order to regain compliance with the continued listing requirements.
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