DCAP Group Receives Nasdaq Deficiency Notice
06 Octobre 2008 - 10:05PM
Business Wire
DCAP Group, Inc. (NASDAQ: DCAP), the largest chain of independent
storefront insurance agencies in the Northeast, today announced
that, on October 1, 2008, the Company received a deficiency notice
from The Nasdaq Stock Market notifying the Company that it is not
in compliance with Nasdaq Marketplace Rule 4310(c)(4) because the
Company's common stock closed below the minimum bid price of $1.00
per share for the preceding 30 consecutive business days. In
accordance with Marketplace Rule 4310(c)(8)(D), DCAP Group has been
provided an initial period of 180 calendar days, or until March 30,
2009, to regain compliance with the minimum $1.00 share bid price
requirement. According to the letter, if at any time before March
30, 2009, the bid price of the Company's common stock closes at
$1.00 per share or more for a minimum of 10 consecutive business
days, Nasdaq will notify the Company that it has achieved
compliance with Nasdaq's Marketplace Rule 4310(c)(4), although the
letter also states that the Nasdaq staff has the discretion to
require compliance for a period in excess of 10 consecutive
business days, but generally no more than 20 consecutive business
days, under certain circumstances. If the Company cannot
demonstrate compliance with Rule 4310(c)(4) by March 30, 2009, the
Nasdaq staff will determine whether the Company meets The Nasdaq
Capital Market initial listing criteria as set forth in Nasdaq
Marketplace Rule 4310(c), except for the bid price requirement.
According to the letter, if the Company meets the initial listing
criteria, the Nasdaq staff will notify the Company that it has been
granted an additional 180 calendar day compliance period. If the
Company is not eligible for an additional compliance period, the
Nasdaq staff will provide written notice that the Company's
securities will be delisted. At that time, the Company may appeal
the Nasdaq staff's determination to delist its securities to a
Listing Qualifications Panel. About DCAP Group DCAP Group, Inc.
owns and operates the largest chain of independent storefront
insurance agencies in the Northeast. Through DCAP Insurance, Barry
Scott Insurance, Atlantic Insurance Agency and Accurate Agency,
DCAP Group provides automobile insurance (and to a lesser extent,
motorcycle and homeowners), enhanced by complimentary premium
financing capabilities, to retail customers in New York and
Pennsylvania. Other products include automobile club service for
roadside emergencies and income tax preparation services. As of
October 6, 2008, there were 64 owned or franchised storefront
locations. Forward Looking Statements Statements in this press
release may contain �forward-looking statements� within the meaning
of the Private Securities Litigation Reform Act of 1995. All
statements, other than statements of historical facts, may be
forward-looking statements. These statements are based on
management�s current expectations and are subject to uncertainty
and changes in circumstances. These statements involve risks and
uncertainties that could cause actual results to differ materially
from those included in forward-looking statements due to a variety
of factors. More information about these factors can be found in
DCAP�s latest Annual Report filed with Securities and Exchange
Commission under Form 10-KSB. The company undertakes no obligation
to publicly update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.
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