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Nasdaq suspends listing rules until January - 500 Beiträge pro Seite



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Nasdaq suspends listing rules until January

NEW YORK, Sep 27, 2001 (AP WorldStream via COMTEX) -- The Nasdaq Stock Market
has temporarily suspended certain trading requirements to help companies remain
listed on the exchange and to ease the economic turmoil following this month`s
terrorist attacks.

The stock market, which lists more than 4,300 companies, said Thursday that the
moratorium is effective until Jan. 2, 2002.

The move exempts companies from meeting minimum share price and public float
requirements to stay listed on the exchange. Float refers to the number of
outstanding shares available for trading by the public.

"It gives those companies that were on the cusp of delisting a chance to weather
the uncertain times a little more," said Nasdaq spokesman Michael DeMeo.

The Nasdaq does not release the number of companies that face delisting, he
said.

A company`s shares must trade above a minimum price, usually a dollar, to stay
listed on the Nasdaq. The minimum value of a public float of a company`s shares
varies.

Companies that fail to meet either requirement for 30 days are automatically
notified they face delisting, but are given 90 days to comply with the
regulations.

Nasdaq chairman and chief executive officer Wick Simmons said suspending the
requirements will help stabilize the economy, which was already in bad shape
before the Sept. 11 attacks in Washington and New York.

The uncertainty generated by the strikes has triggered tens of thousands of
layoffs, sent stock prices to their lowest levels in years and shaken consumer
spending.

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On the Net:

The Nasdaq Stock Market:



Copyright 2001 Associated Press, All rights reserved

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KEYWORD: NEW YORK
http://www.nasdaq.com

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Nasdaq changes listing requirements

NEW YORK, Sep 27, 2001 (United Press International via COMTEX) -- In response
to the extraordinary market conditions following the tragedy of Sept. 11, the
Nasdaq Stock Market Inc. said it was implementing an across-the-board moratorium
on the minimum bid and public float requirements for continued listing on
Nasdaq.

The actions to suspend these requirements until Jan. 2, 2002, were approved late
Wednesday by the Nasdaq Board of Directors and became effective immediately.

Nasdaq rules have generally provided that companies whose securities fall below
the minimum bid price or fail to meet minimum market value of public float
requirement for 30 consecutive business days are given a 90-day grace period to
regain compliance.

A company may demonstrate compliance by meeting the applicable standard for a
minimum of 10 consecutive business days.

If a company fails to regain compliance within the applicable timeframe, that
company is subject to delisting.

Nasdaq`s new moratorium will suspend these requirements until Jan. 2, 2002.

Under the temporary relief provided by the new rules, companies will not be
cited for bid price or market value of public float deficiencies.

Companies currently under review for deficiencies or in the hearings process
will be taken out of the process with respect to the bid price or market value
of public float requirements.

No deficiencies will accrue during the proposed suspension process. During this
time, Nasdaq will consider whether it is appropriate to recommend further and
more permanent action.

"In the days following September 11, we extended the grace period associated
with these requirements for affected companies on an individual basis," said
Wick Simmons, chairman and chief executive officer of Nasdaq.

"Yesterday, we implemented a broader action that we believe will provide greater
stability to the marketplace during these times of economic uncertainty,"
Simmons added.

The Nasdaq Stock Market lists over 4,300 companies and trades more shares per
day than any other U.S. market.



Copyright 2001 by United Press International.

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