Key points
- Namibian Minerals must regain compliance with Nasdaq’s $1.00 minimum share price requirement by May 15, 2002.
- Failure to comply will result in written notification from Nasdaq that the company’s securities will be delisted from the Nasdaq National Market.
- The company is considering a share consolidation to raise the price above $1.00.
- The company is also considering transferring its securities to the Nasdaq SmallCap Market for up to 270 additional days to attempt compliance.
Namibian Minerals has received notice from Nasdaq advising it that the price of the company’s shares had for a period of 30 consecutive trading days closed below the minimum $1.00 share requirement for continued inclusion on the Nasdaq market. The company has been given until May 15, 2002, to regain compliance, failing which it will receive written notification from Nasdaq that its securities will be delisted from the Nasdaq National Market. The company is presently assessing various options, which include:
a share consolidation in order to bring the share price above the $1.00 minimum; and
a transfer of the company’s securities to the Nasdaq SmallCap Market for up to an additional 270 days while it attempts to regain compliance with the listing requirements.
WARNING: The company relies upon litigation protection for “forward-looking” statements.
