Tampa Bay area stocks win Nasdaq reprieve

© St. Petersburg Times,
published October 1, 2001

The execs at a handful of Tampa Bay area public companies had reason to sigh with relief last week. The Nasdaq Stock Market is granting their penny stocks a temporary reprieve.

Under regular Nasdaq rules, stocks that trade for less than $1 a share for 30 days are targeted for delisting. If prices don't come back up, the stocks are likely to get the boot. Although their shares can continue to trade off Nasdaq, it becomes tougher for the companies to attract investor interest.

Danka Business Systems, 800 Travel Systems and Z-Tel Technologies were trading for less than $1 a share last week, making them potential casualties. Paradyne Networks and Cumberland Technologies were dangerously close to the edge.

The new deal: Current stock prices won't be held against Nasdaq companies. The rules requiring a minimum price per share have been suspended through Jan. 2 because of the market turmoil created by the terrorist attacks.

© 2006 • All Rights Reserved • Tampa Bay Times
490 First Avenue South • St. Petersburg, FL 33701 • 727-893-8111

Contact the Times | Privacy Policy
Standard of Accuracy | Terms, Conditions & Copyright