NEW YORK (AP) ¿ Three companies said Thursday they have received notices from the Nasdaq Stock Market that they have fallen out of compliance with rules to remain listed. A fourth company was given more time to get back into compliance.
The exchange requires companies to maintain an average $1 per share price for 30 consecutive business days to remain listed.
Companies receiving notices have 180 calendar days to get their shares back to $1. If they don't, Nasdaq will notify them of a potential delisting. The companies may appeal and are frequently given more time.
Among those notified recently are:¿Anchor BanCorp Wisconsin Inc., which said it received a letter Dec. 4. The Madison, Wis., company is the parent of AnchorBank, which has more than 70 offices in Wisconsin. Shares fell 3 cents, or 4.4 percent to close at 65 cents. ¿South Financial Group Inc., of Greenville, S.C., said it received a notice on Dec. 4. The company said it will consider various options to resolve the deficiency. South Financial is a bank holding company with 177 branch offices in North Carolina, South Carolina, Florida and on the Internet. Shares fell 3 cents, or 5 percent, to close at 55 cents. ¿FiberTower Corp., a San Francisco cell phone tower and service provider, said it received a Nasdaq notice on Dec. 8. The company said it expects to conduct a 1-for-10 reverse stock split, which is expected to allow it to regain the $1 per share requirement. Shares fell 3 cents, or 5.8 percent, to 49 cents Thursday.