ATLANTA - NetBank Inc., the former parent of ATM ISO NetBank Payment Systems Inc., on July 3 received a deficiency notice from the NASDAQ Stock Market because its stock for the last 30 consecutive business days has failed to close above the minimum bid price of $1 per share. The company has been afforded a compliance period of 180 calendar days, or until Dec. 31, to regain compliance.
In March, NetBank received a notice from NASDAQ for not filing its annual report for the year ending Dec. 31, 2006, on time. As a result, NASDAQ told the company its common stock was subject to delisting. In May 14, NASDAQ told NetBank that its failure to file its first quarter results constituted an additional basis for delisting.
NetBank has been given until July 18 to file its annual and quarterly reports. The company also must, by July 18, explain its plan and ability to sustain long-term compliance with all requirements for continued listing.
Read also, BREAKING: NetBank sells ATM biz for $18 million.
