Nestor Inc., the Rhode Island-based automated traffic-enforcement company, announced its stock had fallen below the minimum value for continued listing on the Nasdaq Global Market.
The company said it had received a Nasdaq Staff Deficiency Letter this week indicating that the market value of the company’s common stock had fallen below $50 million, the minimum level required for the continued listing of its common stock on the Nasdaq Global Market.
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Additionally, it said, Nestor does not comply with the alternative marketplace rules, which require total assets and total revenue of $50 million each for the recently completed fiscal year or two of the last three most recently completed fiscal years.
The company has 30 days to regain Nasdaq compliance, meaning it most have a common stock of more than $50 million for 10 consecutive business days.
The company said it believes it currently satisfies the financial and other listing requirements of the Nasdaq Capital Market, to which it said it intends to transfer its listing if it is unable to regain compliance with the continued listing standards for the Nasdaq Global Market.
