Key points
- On Feb. 14, 2002, Nasdaq notified Namco it had until May 15, 2002 to regain compliance with the $1.00 minimum bid price or face delisting.
- Namco rejected a share consolidation and a move to the Nasdaq SmallCap Market, citing the lead time needed for its exploration and mining recovery programs.
- Namco’s shares remain listed on the Toronto Stock Exchange and the Namibian Stock Exchange, giving U.S. shareholders continued trading access.
- Namco will continue to comply with U.S. reporting requirements and does not rule out relisting on Nasdaq or another U.S. or European market in the future.
Namibian Minerals has decided to forego its listing on the United States-based Nasdaq National Market. The company’s shares are listed on the Toronto and Namibian stock exchanges, and U.S.-based shareholders will have access to trade in Namco shares through these exchanges. Namco will continue to comply with U.S. reporting requirements.
As has been the case with a number of other Nasdaq-listed companies, Namco’s share price is now trading below the minimum $1.00 (U.S.) bid price required under Nasdaq listing regulations. On Feb. 14, 2002, Nasdaq formally notified Namco that the company had until May 15, 2002, to regain compliance or face delisting.
Namco considered the benefits and effects of various options, including implementing a share consolidation in order to bring the share price above the $1.00 (U.S.) minimum, or transferring the company’s securities to the Nasdaq SmallCap Market for a further 270 days while seeking to regain compliance with the listing requirements. Namco decided that neither of these options was attractive, given the lead time in implementing the company’s exploration and mining recovery programs. Accordingly, Namco expects to receive notification from Nasdaq that its securities will be delisted following the expiry of the May 15 deadline.
This action does not preclude Namco from seeking relisting on the Nasdaq or another appropriate market in the U.S. or Europe in the future.
WARNING: The company relies upon litigation protection for “forward-looking” statements.
