BOSTON (TheStreet) -- Small-cap stocks, measured by the Russell 2000 Index, were little changed in April, trailing the broader market during a busy month of earnings releases from companies ranging from Apple (AAPL) to Ford (F) to Citigroup (C).The underperformance of small-cap stocks is worrisome, given they inherently carry higher risks than their larger peers do. One of those is the inability to remain compliant with listing standards of the Nasdaq, spurring delisting warnings from the exchange.
First Community Bank Corp. of America ( FCFL) Company Profile: First Community Bank provides banking services to small- and middle-market businesses and individuals in Florida. Current Share Price: 28 cents (April 26) Listing Violation: Market value of publicly held shares. The Nasdaq requires that First Community Bank maintain a minimum $1 million market value of publicly held shares for continued listing. In March, First Community Bank also received a delisting notice from the Nasdaq as the company's stock is below the minimum bid price requirement. Received Nasdaq Notice: April 1 Management's Expected Action: First Community Bank has until Sept. 28 to regain compliance with this listing standard. The company noted that Community Bank, also based in Florida, offered to buy First Community Bank in February for $10 million. The deal is expected to close in May. If the deal does not close, First Community Bank said it will take any action relating to either of the foregoing matters.
China MediaExpress Holdings ( CCME) Company Profile: China MediaExpress operates a television advertising network on inter-city express buses in China. Current Share Price: $11.88 (trading halted since March 11) Listing Violation: Public interest concern. The company was also slapped with a delinquent notice in March after it failed to file its annual 10-K report with the SEC in a timely manner. Received Nasdaq Notice: April 1 Management's Expected Action: The Nasdaq moved to suspend the company's common stock from trading on April 12 on a flurry of news regarding accounting concerns and shareholder lawsuits. China MediaExpress appealed the determination and will go before a hearing panel. On March 14, China MediaExpress said its audit firm, the Chinese affiliate of Deloitte & Touche, had determined it "was no longer able to rely on the representations of management, and recommended that certain issues encountered during the audit be addressed by an independent investigation." China MediaExpress CFO Jacky Lam also resigned. The news came weeks after short sellers, who profit from a stock's decline, accused China MediaExpress of fraud. Shares of China MediaExpress, halted since March 11, are down 25% this year.
GSI Commerce ( GSIC) Company Profile: GSI Commerce is a provider of e-commerce and interactive marketing services to businesses that sell products directly to consumers. Current Share Price: $29.76 (April 26) Listing Violation: Audit committee composition. The listing rule requires that a majority of the board of directors must consist of independent directors and that the company's audit committee have at least three members, all of whom must be independent. Received Nasdaq Notice: April 4 Management's Expected Action: GSI Commerce was proactive in alerting the Nasdaq on March 30 that, following the resignation of Mark Menell from the company's board of directors, it was not in compliance with the audit committee composition listing requirement. The company said it intends to fill the vacancy on the audit committee created by Menell's resignation within the cure period provided by the Nasdaq.
HSW International ( HSWI) Company Profile: HSW International is an online publishing company that develops and operates Internet businesses focused on providing consumers in the world's digital economies with locally relevant, high-quality information and ways to connect with each other. Current Share Price: $4.44 (April 26) Listing Violation: Equity. The Nasdaq requires a minimum stockholders' equity of $10 million for continued listing. HSW International's stockholders' equity as of Dec. 31 was $8.78 million. Received Nasdaq Notice: April 4 Management's Expected Action: HSW International has been given until May 19 to submit a plan to the Nasdaq to regain compliance. If the plan is accepted, Nasdaq can grant an extension until Oct. 3. The company said it expects it will be able to satisfy the requirements, also noting it is eligible to transfer the listing of its common stock to the Nasdaq Capital Market and could do so to maintain continued listing.
InfoSonics ( IFON) Company Profile: InfoSonics is a distributor and provider of wireless handsets and accessories in Central and South America. Current Share Price: 81 cents (April 26) Listing Violation: Bid price. The listing rule requires that a company maintains a minimum closing bid price of $1 per share for its common stock. InfoSonics shares last closed above $1 on March 18. Received Nasdaq Notice: April 5 Management's Expected Action: InfoSonics has until Oct. 3 to regain compliance with the bid price requirement. The company said it intends to monitor the bid price of its common stock and will consider available options if the stock does not regain the $1 threshold by Oct. 3.
PAB Bankshares ( PABK) Company Profile: PAB Bankshares is a bank holding company for The Park Avenue Bank, which offers traditional banking products and services to commercial and individual customers in Georgia and Florida. Current Share Price: 18 cents (April 26) Listing Violation: Delinquent. PAB Bankshares failed to file its annual 10-K report with the SEC in a timely manner. Received Nasdaq Notice: April 5 Management's Expected Action: PAB Bankshares has until June 6 to submit a plan to regain compliance. The Nasdaq can grant the company an extension until Sept. 27 to regain compliance if the plan is approved.
Superior Bancorp ( SUPR) Company Profile: Superior Bancorp offers a broad range of banking and related services in approximately 73 locations in Alabama and Florida. Current Share Price: 28 cents (April 15) Listing Violation: Delinquent and bankruptcy/liquidation. Superior Bancorp failed to file its annual 10-K report with the SEC in a timely manner. Received Nasdaq Notice: April 5 and April 18 Management's Expected Action: There's little for Superior Bancorp's management to do now. On April 15, the Office of Thrift Supervision closed the company's subsidiary bank and the Nasdaq delisted the stock.
Pressure BioSciences ( PBIO) Company Profile: Pressure BioSciences is a life-sciences company. Current Share Price: $1.06 (April 26) Listing Violation: Market value/equity/net income. Stockholders' equity was less than $2.5 million as of Dec. 31, and the company doesn't meet the alternative standards of market value of listed securities or net income from continuing operations. Received Nasdaq Notice: April 6 Management's Expected Action: Pressure BioSciences said it expects to submit to the Nasdaq by May 21 a written plan that outlines its strategy to regain compliance with the continued listing requirements. If the plan is accepted, the company may be able to continue its listing during the Plan period of up to 180 days.
Celsion ( CLSN) Company Profile: Celsion is an oncology drug-development company. Current Share Price: $2.64 (April 26) Listing Violation: Market value/equity/net income. Celsion does not comply with the minimum $35 million market value of listed securities requirement for continued listing on the Nasdaq. Received Nasdaq Notice: April 6 Management's Expected Action: Celsion has until Oct. 3 to regain compliance with the listing requirement, which means the company's market value of listed securities must close at $35 million or more for a minimum of 10 consecutive trading days. Celsion said it is evaluating all possible means by which the company may regain sustained compliance with the rule.
Sonic Foundry ( SOFO) Company Profile: Sonic Foundry provides enterprise solutions and services for the web communications market. Current Share Price: $13.99 (April 26) Listing Violation: Board independence. The listing rule requires the board of directors to have a majority of members who are independent. Received Nasdaq Notice: April 7 Management's Expected Action: Sonic Foundry said it expected to receive the notice from the Nasdaq due to the resignation of Gary Weis from the audit committee and his appointment as CEO. By April 20, the company appointed Michael Janowiak to its board of directors to fill Weis' vacancy. With Janowiak serving as an additional independent director, the company said it can regain compliance with the majority independent board requirements.
Vitacost.com ( VITC) Company Profile: Vitacost.com is an online retailer and direct marketer of health products, including dietary supplements and cosmetics. Current Share Price: $5.70 (Dec. 7) Listing Violation: Delinquent. Vitacost.com failed to file its annual 10-K report with the SEC in a timely manner. In January, Vitacost.com was notified by the Nasdaq that it failed to meet listing requirements related to its annual shareholder meeting and proxy solicitation. Received Nasdaq Notice: April 7 Management's Expected Action: In December, Vitacost.com revealed that financial statements over the past 16 years can't be relied upon due to accounting problems, and that management is considering a prepackaged Chapter 11 reorganization. At the time, the Nasdaq suspended trading in the stock.
Star Buffet ( STRZ) Company Profile: Star Buffet is a restaurant holding company that operates in the southeastern and western U.S. Current Share Price: $1.33 (April 26) Listing Violation: Failure to pay fees. The Nasdaq said the company has a past due listing fee balance of $27,500. Received Nasdaq Notice: April 13 Management's Expected Action: Star Buffet said on April 15 that it is considering the best alternative uses of its available resources. As of the April 25 deadline, the company's stock was booted from the Nasdaq and now trades on the Pink Sheets.
Atrinsic ( ATRN) Company Profile: Atrinsic is a direct-marketing company offering transactional and subscription services. Current Share Price: $2.50 (April 26) Listing Violation: Equity. The Nasdaq requires a minimum stockholders' equity of $10 million for continued listing. Atrinsic's stockholders' equity as of Dec. 31 was $8.17 million. Received Nasdaq Notice: April 14 Management's Expected Action: Atrinsic has until May 31 to submit a plan to regain compliance to the Nasdaq in order to get an extension of 180 days. Atrinsic says that while it is developing a strategy to maintain its listing on the Nasdaq Global Market, it is considering applying for listing on the Nasdaq Capital Market instead.