Great Florida Bank Receives NASDAQ Minimum Bid Price Noncompliance Notice

by EIN on 2010/01/20

in economy

January 19, 2010 (FinancialWire) Great Florida Bank (NASDAQ: GFLB), has received an advisory letter from the NASDAQ Stock Market (NASDAQ) indicating that based upon the closing bid price for the Banks common stock for the last 30 consecutive business days, Great Florida Bank no longer meets the $1.00 minimum bid price requirement of listing rule 5450(a) (1) for continued listing on the NASDAQ Global Market.

However, as stipulated by rule 5810(c) (3) (A), the Bank has a 180 calendar day grace period (July 6, 2010 expiration date) in which to regain compliance. If at any time during the grace period the bid price of the Banks common stock trades above the minimum bid price requirement for a minimum of ten consecutive business days, the Bank will regain compliance.

Great Florida Banks common stock (NASDAQ: GFLB) will continue to trade on the NASDAQ Global Market during the grace period.

Great Florida Bank (NASDAQ: GFLB), headquartered in Miami Lakes, Florida was established on June 30, 2004 as a state-charted commercial bank.

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