Thrift - Regulatory and Legal Developments
Rainier Pacific Financial gets noncompliance notice from NASDAQ
November 07, 2009 3:19 AM ET
By Asad Jawaid
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Rainier Pacific Financial Group Inc. on Nov. 5 received a notice from the NASDAQ Stock Market stating that the company did not comply with a requirement to maintain the minimum bid price of its common stock at $1.00 per share for 30 consecutive business days, according to a Nov. 6 news release. The company has until May 5, 2010, to regain compliance with Marketplace Rule 5450(a)(1). To regain compliance, the closing bid price of the company's common stock must be at least $1.00 per share for at least 10 consecutive business days. Should the company fail to regain compliance by the given time, the NASDAQ will provide written notification to delist the company's common stock. The company could apply to transfer its common stock to the NASDAQ Capital Market prior to that date if it satisfies all of the requirements, other than the minimum bid price requirement. If Rainier Pacific Financial's application to transfer its common stock is approved, the company would have an additional 180 days to regain compliance with the minimum bid price rule, while listed on the NASDAQ Capital Market. | 
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