The Nasdaq Stock Market LLC's listing qualifications department notified JetPay Corp. on March 16 of its failure to comply with a Nasdaq listing rule because it has not maintained a minimum market value of listed securities of $35 million for the last 30 consecutive business days.
The notification of noncompliance has no immediate effect on the listing or trading of JetPay's common stock on the Nasdaq Capital Market.
JetPay has until Sept. 12 to regain compliance with the market value of listed securities requirement. If the company fails to regain compliance with the listing rule before the 180-day compliance period expires, it will receive written notification from Nasdaq that its securities are subject to delisting.
Jetpay said it intends to monitor its market value of listed securities and is evaluating available options to regain compliance with the Nasdaq listing rules.