NASDAQ Listing Requirements

Recent Developments

SEC approves Nasdaq changes to grace periods for bid price test 2.05.04

Minimum $1.00 Bid

Rule 4450(a)(5)

Precedent delistings

La Jolla Pharma

Grace Periods

National Market Issuer

If issuer fails the bid price test

Automatic 180-day grace period
Second 180-day grace period if, at the end of the first 180-day grace period, the issuer meets all NMS initial listing standards, except for the bid price

Nasdaq will issue a "Staff Warning Letter"

NMS issuer subject to delisting may transfer to SmallCap Market, if otherwise eligible

SmallCap Market Issuer

If issuer fails the bid price test

Automatic 180-day grace period
Second 180-day grace period if, at the end of the first 180-day grace period, the issuer meets all NMS initial listing standards, except for the bid price
Third grace period until next shareholder's meeting, if:

History

Foregoing reflects a rule change approved by SEC on 2.05.04 which superceded a rule change approved by the SEC on 12.23.03

Nasdaq's "Pilot Program" due to expire on 12.31.04

See SEC Release 34-48991A (2.05.04) for details

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