8 Penny Stocks Get Delisting Warning
NEW YORK (TheStreet) -- The stock-market slump that pushed the Dow below 10,000 points this week threatens to get the following eight small companies booted from trading on the Nasdaq. All received notice this month that they're in violation of a rule that requires them to trade above $1 a share. They now have less than six months to regain compliance.
Anchor BanCorp Wisconsin (ABCW)
Closing Price: 47 cents (June 29)
Six-Month Stock Performance: -28.8%Received Nasdaq Notice: June 18 Management's Expected Action: The savings and loan has until Dec. 15 to regain compliance with the bid price requirement. Anchor Bancorp Wisconsin said it is "currently evaluating its alternatives to resolve the listing deficiency." The struggling company has bigger problems, though. According to data from SNL Financial, Anchor Bancorp Wisconsin is one of 91 banks and thrifts that missed a dividend payment on preferred stock issued as part of the Troubled Asset Relief Program, or TARP. The second largest institution on the list, Anchor Bancorp Wisconsin has now missed five consecutive TARP dividend payments. Failure to pay a sixth triggers the Treasury's right to elect two directors to the bank's board.
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