CARY, N.C. … Level 8 Systems (Nasdaq: LVEL), a provider of high-performance eBusiness integration software, has been notified by Nasdaq that the bid price of its common stock has remained below the minimum $1 per share requirement for more than 30 consecutive trading days. The company has until Oct. 14 to regain compliance or risk being delisted from the Nasdaq National Market.
The bid price of Level 8’s stock must close at $1 per share or more for a minimum of 10 consecutive trading days to regain compliance and maintain its listing. Under certain circumstances, Nasdaq may require that the closing bid price exceed $1 per share or more for more than 10 consecutive trading days before notifying the company that it has regained compliance.
Level 8 expects to apply for transfer to The Nasdaq SmallCap Market if it can’t meet regain compliance, the company said in a statement. To transfer, the company must satisfy the continued inclusion requirements for the SmallCap Market, which makes available an extended grace period for meeting the minimum $1 bid price requirement.
Level 8 Systems: www.level8.com