Hines Horticulture Reports It May Be Dropped From Nasdaq
Hines Horticulture Inc. said Wednesday that it has been warned by Nasdaq officials that its stock might be removed from the Nasdaq Stock Market for failing to meet the required minimum price of $5 per share.
Shares of the Irvine operator of commercial nurseries last closed above $5 on Oct. 24. The stock closed Wednesday at $2.38, down 13 cents a share.
Under the Nasdaq requirement, the company’s shares must maintain a bid price of more than $5 for 30 consecutive trading days, Hines said in a report filed with the Securities and Exchange Commission.
For Hines Horticulture to regain compliance, its shares must trade at $5 for 10 consecutive trading days before Feb. 28.
If the shares are delisted, Hines said it would apply for listing on the Nasdaq SmallCap Market.
Hines didn’t specify in the filing any steps it was taking to maintain its listing on the Nasdaq.
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