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Investing September 27, 2001
Nasdaq Eases Bid, Public Float Rules
September 27, 2001 (PLANSPONSOR.com) - The Nasdaq
Stock Market on Thursday suspended its minimum bid and public
float requirements to help companies affected by the
September 11 terrorist attacks remain listed, Dow Jones
reported.
Reported by Nevin E. Adams
The stock market will suspend those requirements immediately and the moratorium will last until January 2, exchange officials said in a press release. The decision to suspend the requirements was made late Wednesday night by Nasdaq’s board of directors.
The stock market said it had suspended those requirements in response to the turbulent market conditions that followed attacks on the World Trade Center and the Pentagon.
Nasdaq rules have generally provided that companies whose securities fall below the minimum bid price or market value of public float rules for 30 days are in jeopardy of being delisted. Firms are then given 90 days to regain compliance.
Companies currently under review for deficiencies or in the hearings process at Nasdaq will be taken out of the process with respect to the bid price or float requirements, Nasdaq said Thursday.