Broadway Financial Corporation (Nasdaq Small-Cap
:BYFC), the parent company of Broadway Federal Bank f.s.b., has received a letter from the Nasdaq Listing Qualifications Department dated 20 August 2012 regarding non-compliance with Nasdaq Listing Rule 5250(c) (1), it stated on Friday.
Under the Listing Rules of the NASDAQ Small-Cap
Market, the company must submit a plan to NASDAQ within 60 calendar days from the date of its receipt of the NASDAQ letter for coming into compliance with Listing Rule 5250(c) (1).
Since the start of the year, the stock has traded in the 40 cents to 50 cents per share range on the NASDAQ Small-Cap
The company had reported in January that it was "taking steps to reduce operating expenses, including the reduction of approximately 20 positions, or 10 percent of its workforce, the consolidation of development and technical operations, and the narrowing of its focus on certain markets." This followed a decision following a hearing by a NASDAQ panel that trading in Infonautics shares move off the NASDAQ National Market to the NASDAQ Small-Cap
Its new ticker symbol, CMAN, is now firmly entrenched on the Nasdaq small-cap
Earlier this month, the company's stock was delisted from the Nasdaq Small-Cap
Under Nasdaq small-cap
rules, companies must have at least $2 million in net tangible assets or at least $2.5 million in stockholders equity, PSC said in a news release.