IONIA, Mich., June 25 /PRNewswire-FirstCall/ -- Independent Bank Corporation (Nasdaq: IBCP), a Michigan-based community bank, announced that it was notified by The Nasdaq Stock Market that the Company no longer meets the minimum $1.00 per share requirement for continued listing on The Nasdaq Global Select Market under Listing Rule 5450(a)(1). This notice does not result in the immediate delisting of the Company's common stock from The Nasdaq Global Select Market because the Company has a grace period of 180 calendar days under the listing rules, or until December 20, 2010, in which to regain compliance with the minimum bid price rule.
The deficiency letter, dated June 23, 2010, states that, if at any time by December 20, 2010, the bid price of the Company's common stock closes at $1.00 per share or more for a minimum of 10 consecutive business days, Nasdaq will provide the Company written confirmation of compliance and the matter will be closed. If the Company does not regain compliance by December 20, 2010, Nasdaq will notify the Company that its securities are subject to delisting, which delisting determination could be appealed by the Company. Alternatively, the Company may be eligible for an additional grace period if it meets the initial listing standards, with the exception of bid price, of The Nasdaq Capital Market and the Company applies to transfer the listing of its common stock to The Nasdaq Capital Market.
The Company is evaluating its options following receipt of this notification and, where possible and deemed in the best interests of the Company and its shareholders, currently intends to take appropriate actions in order to retain the listing of its common stock on the Nasdaq stock market. Such actions may include the implementation of a 1-for-10 reverse stock split, which was earlier approved by the Company's shareholders.