SAN FRANCISCO—Compound semiconductor vendor Emcore Corp. has been notified by the Nasdaq stock market that it could be delisted because its stock price has been under $1 per share for 30 consecutive business days, the company said Wednesday (Sept. 29).
Under Nasdaq rules, Emcore has until March 22, 2011—a period of 180 days—to restore compliance with Nadaq a Nasdaq rule requiring that listed companies maintain a share price of at least $1. To regain compliance, Emcore's stock price must be above $1 per share for 10 consecutive trading days during the 180-day grace period, Emcore (Albuquerque, N.M.) said.
If Emcore does not regain compliance during the grace period, Nasdaq intends to move to delist the company. Emcore said it would appeal any movement to delist the company.
Emcore's stock opened Wednesday at 81 cents per share. It closed at the same price Wednesday.