American Claims Evaluation, Inc. Receives Notice Related to Nasdaq Minimum Closing Bid Price Rule
September 17 2009 - 10:04AM
Business Wire
American Claims Evaluation, Inc. (Nasdaq: AMCE) (the “Company”)
today announced that on September 15, 2009, the Company received a
deficiency letter from The Nasdaq Stock Market indicating that the
closing bid price of its common stock had fallen below $1.00 for 30
consecutive business days, and therefore, the Company was not in
compliance with Nasdaq Listing Rule 5550(a)(2). In accordance with
Nasdaq Listing Rule 5810(c)(3)(A), the Company was provided a grace
period of 180 calendar days, or until March 15, 2010, to regain
compliance with this requirement. At this time, this notification
has no effect on the listing of the Company’s common stock on The
Nasdaq Capital Market.
The Company can regain compliance with the minimum closing bid
price rule if the bid price of its common stock closes at $1.00 or
higher for a minimum of ten consecutive business days during the
initial 180 calendar day grace period, although Nasdaq may, in its
discretion, require the Company to maintain a bid price of at least
$1.00 per share for a period in excess of ten consecutive business
days (but generally no more than 20 consecutive business days)
before determining that the Company has demonstrated the ability to
maintain long-term compliance. If compliance is not achieved by
March 15, 2010, the Company may be eligible for an additional 180
calendar day grace period if it meets The Nasdaq Capital Market
initial listing criteria as set forth in Nasdaq Listing Rule 5505
other than the minimum closing bid price requirement. If the
Company is not eligible for such additional grace period, or does
not regain compliance during any additional grace period, Nasdaq
will provide written notice to the Company that its securities will
be delisted from The Nasdaq Capital Market. At such time, the
Company would be able to appeal the delisting determination to the
Nasdaq Listing Qualifications Department.
American Claims Evaluation, Inc., through its wholly owned
subsidiary, Interactive Therapy Group Consultants, Inc., offers a
comprehensive range of services to children with developmental
delays and disabilities.
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