BOSTON (TheStreet) -- U.S. stocks recorded their worst August performance in nine years, hurt by concern over a sagging economy. The Nasdaq bore the brunt of the decline, with a 6.2% slide, pushing 14 member companies closer to being booted from the stock exchange. All were notified in August that they are in violation of a rule that requires their shares to trade above $1. The companies now have less than six months to regain compliance.
Cascade Financial (CASB) last closed higher than $1 on June 18, days before shareholders at the annual meeting approved a proposal to increase authorized common stock to 65 million shares from 25 million. There are 12.3 million shares of Cascade Financial shares outstanding as of the end of the second quarter.
Company Profile: Cascade Financial is the bank holding company of Cascade Bank, which offers a range of commercial banking services. Based in Everett, Wash., Cascade employs 220 people.
Closing Price: 31 cents (Sept. 1)Three-Month Stock Performance: -77.2% Received Nasdaq Notice: Aug. 3 Management's Expected Action: Cascade Financial has until Jan. 31 to regain compliance with the minimum closing bid price requirement. On Aug. 6, Cascade said it "intends to actively monitor the bid price" for its common stock and "will consider available options to regain compliance with the Nasdaq minimum bid price requirement."
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