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Frequently Asked Questions
  What disclosure is required when a company receives a notification of deficiency, public reprimand letter or delisting determination?
Identification Number 427

A company must publicly disclose the receipt of a notification of deficiency, public reprimand letter or delisting determination, including notification of an additional deficiency for a company already in the Hearings process. This disclosure must include the Rule(s) upon which the deficiency is based and describe each specific basis and concern identified by Nasdaq in reaching its determination that the company does not meet the listing standard.  

If the deficiency is related to the requirement to file a periodic report, the company must make the public announcement by issuing a press release, in addition to filing any Form 8-K required by SEC rules. For all other cases, the company may make the public announcement either by filing a Form 8-K, where required by SEC rules, or by issuing a press release. A company should make the public announcement as promptly as possible, but not more than four business days following receipt of the determination.  

As described in Listing Rule 5250(b)(1) and IM-5250-1, the Company must notify Nasdaq's MarketWatch Department about the announcement through Nasdaq's Electronic Disclosure Submission System, except in emergency situations when notification may instead be provided by telephone or facsimile. If the public announcement is made during Nasdaq market hours, the company must notify MarketWatch at least ten minutes prior to the announcement. If the public announcement is made outside of Nasdaq market hours, the company must notify MarketWatch of the announcement prior to 6:50 a.m. ET.

Publication Date*: 7/31/2012 Mailto Link Identification Number: 427
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