AMCORE receives NASDAQ initial notice of minimum bid price non-compliance
From press release
AMCORE Financial, Inc., announced it received a notice from The NASDAQ Stock Market stating that because the minimum bid price of the Company’s common stock was below $1 per share for 30 consecutive business days, the company was not in compliance with NASDAQ Marketplace Rule 5450(a)(1).
The notification letter has no effect at this time on the listing of the company’s common stock on The NASDAQ Global Select Market and the company’s common stock will continue to trade under the symbol AMFI.
The letter was issued in accordance with standard NASDAQ procedures.
AMCORE is provided a grace period of 180 calendar days in which to regain compliance with the minimum bid price rule. If at, any time before June 7, 2010, the bid price of AMCORE’s stock closes at $1 per share or more for a minimum of 10 consecutive business days, NASDAQ will provide written confirmation to AMCORE that it has regained compliance.
If AMCORE does not regain compliance with the bid price rule by June 7, 2010, NASDAQ will notify the company that its common stock is subject to delisting from The NASDAQ Global Select Market. In that event, the company may appeal the delisting determination to a hearings panel or the company may be eligible for an additional grace period of 180 days if it meets the initial listing standards, with the exception of bid price, and is approved for transfer to The NASDAQ Capital Market (formerly the NASDAQ SmallCap Market).
AMCORE intends to actively monitor the bid price for its common stock between now and June 7, 2010, and will consider available options to regain compliance with the NASDAQ minimum bid price requirements.
AMCORE has its headquarters in northern Illinois with 66 locations in Illinois and Wisconsin. AMCORE provides a range of consumer and commercial banking services, a variety of mortgage lending products and wealth management services including trust, brokerage, private banking, financial planning, investment management, insurance and comprehensive retirement plan services.
Visit www.AMCORE.com for more information about the company.
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