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    Nasdaq suspends listing rules until January - 500 Beiträge pro Seite

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      schrieb am 27.09.01 20:21:58
      Beitrag Nr. 1 ()
      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.

      ---

      On the Net:

      The Nasdaq Stock Market:



      Copyright 2001 Associated Press, All rights reserved

      -0-

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

      *** end of story ***
      Avatar
      schrieb am 27.09.01 20:32:22
      Beitrag Nr. 2 ()
      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.

      -0-


      SUBJECT CODE: 04000000

      *** end of story ***


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