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Frequently Asked Questions
  How soon will the Panel make a decision, and what authority does the Panel have in making decisions about a company's listing?
Identification Number 435
The Panel generally issues a written decision within 30 days after the hearing, but a company could receive a written decision sooner. The Panel has the authority to delist a company; transfer its shares to the Capital Market; or allow continued listing.
If a Panel determines that a company has presented a definitive plan that will likely enable it to achieve and sustain long-term compliance, it may grant the company a conditional listing, known as an exception. Exceptions are of limited duration and often incorporate milestones measuring the company's progress in regaining compliance. A Panel has discretion to grant an exception not to exceed 180 days from the date of a delisting notification. If a Panel does not grant an exception, or a company fails to meet the conditions of the exception, the company will be notified in writing that the Panel has determined to delist the company's securities, or that its securities will be transferred to the Nasdaq Capital Market.

When a Panel issues a delisting decision, a company's securities will be suspended from trading on the Nasdaq Stock Market, effective on the second business day after the decision is issued. The formal removal of the company's listing on the Nasdaq Stock Market will occur after all appeal rights have been exhausted, which may take several months. Nasdaq will notify the SEC of the removal of the company's listing by filing a Form 25 and will send a copy to the company. Under SEC rules, Nasdaq must also issue a press release at that time announcing the removal and final delisting.
Publication Date*: 7/31/2012 Mailto Link Identification Number: 435
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