March Delisting Notices: Slideshow

NEW YORK ( TheStreet) -- YRC Worldwide ( YRCW) wasn't alone in receiving a warning letter from the Nasdaq last month.

YRC Worldwide, like several other companies, received notice in March that it is in violation of a Nasdaq listing rule that requires a stock to maintain a minimum bid price of $1. These companies now have less than six months to regain compliance with the rule or face delisting from the exchange. The following 10 stocks, ranked by revenue over the trailing 12 months, received notice in March and remain on the Nasdaq's list of deficient companies as of April 6.

YRC Worldwide ( YRCW)

Closing price: 57 cents (April 7)

Revenue: $5.28 billion (trailing 12 months)

Received Nasdaq notice: March 3, 2010

Management's expected action: Shareholders have authorized YRC Worldwide's board of directors to effect a reverse stock split within a range of 5-to-1 to 25-to-1. That would bring the approximately 1 billion outstanding shares to a post-reverse-stock-split range of roughly 40 million to 200 million. However, under the terms of a $70 million private placement transaction, YRC Worldwide has agreed not to implement a reverse stock split prior to April 24. The company expects to effect the reverse stock split during the second quarter.

U.S. Concrete ( RMIX)

Closing price: 42 cents (April 7)

Revenue: $534.4 million (trailing 12 months)

Received Nasdaq notice: March 8, 2010

Management's expected action: U.S. Concrete did not specify any actions it intends to take should it not regain compliance with the minimum bid price requirement by Sept. 7, although the company did note that it may appeal the delisting determination to a hearings panel and that it may be eligible for an additional grace period if it meets the initial listing standards, with the exception of bid price. However, on March 10, U.S. Concrete reported a wider-than-expected fourth-quarter loss, and that the impact of unusually severe winter weather has placed significant stress on its liquidity position. Absent a successful restructuring, "there is substantial doubt about our ability to continue to operate as a going concern," U.S. Concrete said. On March 25, the company said it obtained $18.5 million in additional short-term liquidity by through an amendment to a senior credit facility. U.S. Concrete also said it received a commitment for financing in the event its previously-announced restructuring is implemented through an in-court process.

Amcore Financial ( AMFI)

Closing price: 50 cents (April 7)

Revenue: $275.1 million (trailing 12 months)

Received Nasdaq notice: March 8, 2010

Management's expected action: Amcore said it intends to actively monitor the bid price for its common stock between now and Sept. 7 and will consider available options to regain compliance with the minimum bid price requirement. On March 29, Amcore said it sold 12 branches and two stand-alone drive-ups to Midland States Bank, although that news did little to boost share price.

OceanFreight ( OCNF)

Closing price: 80 cents (April 7)

Revenue: $118.5 million (trailing 12 months)

Received Nasdaq notice: March 1, 2010

Management's expected action: OceanFreight said it intends to monitor the closing bid price of its common stock between now and Aug. 30 and is considering its options in order to regain compliance with the Nasdaq's minimum bid price requirement. On March 11, OceanFreight said that it will propose a 3-to-1 reverse stock split at its annual shareholder meeting on June 10.

PremierWest Bancorp ( PRWT)

Closing price: 74 cents (April 7)

Revenue: $88.9 million (trailing 12 months)

Received Nasdaq notice: March 15, 2010

Management's expected action: PremierWest did not specify any actions it intends to take should it not regain compliance with the minimum bid price requirement by Sept. 13, although the company did note that it may appeal the delisting determination to a hearings panel and that it may be eligible for an additional grace period if it meets the initial listing standards, with the exception of bid price. On Wednesday, PremierWest said it raised $33.3 million in gross proceeds from the two-stage offering of 75.6 million shares.

LookSmart ( LOOK)

Closing price: $1 (April 7)

Revenue: $51.8 million (trailing 12 months)

Received Nasdaq notice: March 9, 2010

Management's expected action: LookSmart said it is considering its options in order to comply with the minimum bid price rule within the 180-day grace period. On March 18, the company reported a fourth-quarter net loss of $935,000, or 5 cents a share as revenue fell to $12.8 million from $14.9 million in the year-ago quarter. LookSmart also said it terminated a lease agreement with Cisco Systems ( CSCO) at no cost to the company.

Merriman Curhan Ford Group ( MERR)

Closing price: 66 cents (April 7)

Revenue: $49.3 million (trailing 12 months)

Received Nasdaq notice: March 4, 2010

Management's expected action: Merriman Curhan Ford did not specify any actions it intends to take should it not regain compliance with the minimum bid price requirement within the 180-day grace period, although the company did note it may be eligible for an additional grace period if it meets the initial listing standards, with the exception of bid price. On March 18, Merriman Curhan Ford said fourth-quarter revenue on a non-GAAP, pro-forma basis was $6.57 million, up 26% from the year-ago quarter.

Tamalpais Bancorp ( TAMB)

Closing price: 45 cents (April 7)

Revenue: $44.5 million (trailing 12 months)

Received Nasdaq notice: March 12, 2010

Management's expected action: Tamalpais Bancorp said it is evaluating its options and intends to take appropriate actions in order to retain the listing of its common stock on Nasdaq before the grace period ends on Sept. 8. On April 2, the company said its Tamalpais Bank subsidiary completed the sale of $28.3 million in principal amount of certain substandard-performing and nonperforming loans to an unrelated third party investor. Tamalpais received net proceeds of approximately $15.4 million from the sale and said it will realize a pre-tax gain of approximately $600,000 in its first-quarter earnings as a result.

Active Power ( ACPW)

Closing price: 75 cents (April 7)

Revenue: $40.3 million (trailing 12 months)

Received Nasdaq notice: March 24, 2010

Management's expected action: Active Power did not specify any actions it intends to take should it not regain compliance with the minimum bid price requirement by Sept. 20, although the company did note that it may appeal the delisting determination to a hearings panel and that it may be eligible for an additional grace period if it meets the initial listing standards, with the exception of bid price. Active Power received a notice on Aug. 18, 2008, for falling below the minimum bid price requirement before the Nasdaq temporarily suspended the minimum bid listing requirement on Oct. 16, 2008, during the height of economic recession.

Bioanalytical Systems ( BASI)

Closing price: $1.35 (April 7)

Revenue: $30.1 million (trailing 12 months)

Received Nasdaq notice: March 4, 2010

Management's expected action: Bioanalytical Systems said it intends to actively evaluate and monitor the bid price for its common shares between now and Aug. 31 and consider implementation of various options available to the company if its common shares do not trade at a level that is likely to regain compliance. Bioanalytical Systems did note that it could be delisted from the Nasdaq, in which case the common shares may be traded over the counter.

-- Reported by Robert Holmes in Boston.

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