Friday, January 20, 2012

Spire Stays Listed, But...

Spire (SPIR) is moving from The Nasdaq Global Market to The Nasdaq Capital Market. SPIR must still not be penny stock in order to stay listed on the Nasdaq, but the $10 million market value is now moot.

I blogged the following on 02012.01.09.

Spire (SPIR) issued the following press release on 02012.01.06: Entry into a Material Definitive Agreement, Notice of Delisting or Failure to Satisfy. Spire is in violation of two Nasdaq Marketplace Rules: the "Minimum Bid Price Rule" and the "Minimum Public Market Value Rule." At $0.69 (which is under a buck) has a market value of $5.8 million (which is under $10 million). The Spire press release ended with: "The Company is considering its alternatives at this time." Duh! A reverse split gets the stock price above $1, but it doesn't do anything to improve the company's market value.

SPIR closed yesterday (02012.01.19) at $1.05.

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