Performance Technologies Inc. has been notified by the Nasdaq Stock Market LLC that it no longer meets Nasdaq’s continued listing requirement because the company’s common stock has traded below $1 a share for 30 consecutive business days.
The notification has no immediate effect on the listing of PT’s common stock, which will continue to trade on the Nasdaq Global Market.
The letter states the company has 180 days—until June 25—to regain compliance with the minimum bid price continued listing requirement. To do so the closing bid price of the common stock must equal or exceed $1 a share for a minimum of 10 consecutive business days.
PT shares (NasdaqGM: PTIX) were trading midday at 81 cents, down a penny from Thursday’s close of 82 cents. Its 52-week low was 73 cents, and its high over the past 12 months is $2.60. Its closing price has not been more than $1 since Nov. 8.
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