Lime Energy Co. (NASDAQ: LIME) today announced that, On March 1, 2013, Lime Energy Co. (NASDAQ: LIME ) (the “Company”) received a second compliance notice from The NASDAQ Stock Market (“NASDAQ”) Market indicating that it has not regained compliance with the minimum bid price requirement of $1.00 as set forth in NASDAQ Marketplace Rule 5550(a)(2). However, the NASDAQ staff has determined that the Company is eligible for an additional 180 day grace period, or until August 26, 2013, to regain compliance with NASDAQ Listing Rule 5550(a)(2). This additional 180 day period relates exclusively to the bid price deficiency. The Company may be delisted during the 180 days for failure to maintain compliance with any other listing requirements for which it is currently on notice or which occurs during this period. NASDAQ’s determination to grant the additional 180 day period was based on the Company meeting the continued listing requirement for market value of publicly held shares and all other applicable requirements for initial listing on the NASDAQ Capital Market, with the exception of the bid price requirement, and the Company’s written notice to NASDAQ of its intention to cure the deficiency during the second compliance period by effecting a reverse stock split, if necessary.
The Company can regain compliance with NASDAQ Listing Rule 5550(a)(2) by maintaining a closing bid price of at least $1.00 per share for a minimum of ten consecutive business days; NASDAQ, however, in its discretion, may require that the Company maintain a closing bid price of at least $1.00 per share for a period in excess of ten consecutive business days, but generally no more than 20 consecutive business days, before determining that the Company has demonstrated an ability to maintain long-term compliance.
If compliance cannot be demonstrated by August 26, 2013, NASDAQ will provide written notification that the Company’s securities will be delisted. At that time, the Company may appeal the delisting determination to a Hearings Panel.