DCAP Group Advised That Nasdaq Has Extended Minimum Bid Price Rule Compliance Period
17 Octobre 2008 - 10:30PM
Business Wire
DCAP Group, Inc. (NASDAQ: DCAP), the largest chain of independent
storefront insurance agencies in the Northeast, today announced
that it has been advised by The Nasdaq Stock Market that Nasdaq
Marketplace Rule 4310(c)(4), which requires companies to maintain a
minimum bid price of $1.00 per share, has been temporarily
suspended. Based on this action, the Company now has until July 3,
2009 to achieve compliance with Rule 4310(c)(4). 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 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. As a result, the Company had been
provided with an initial period of 180 calendar days, or until
March 30, 2009, to regain compliance with the minimum $1.00 share
bid price requirement. On October 16, 2008, Nasdaq implemented a
temporary suspension of enforcement of Rule 4310(c)(4) until
Friday, January 16, 2009, due to the volatility of current market
conditions. As a result, the remainder of the Company�s initial
compliance period of 180 calendar days has been tolled until
Monday, January 19, 2009 and the Company�s initial compliance date
to comply with Rule 4310(c)(4) has been extended from March 30,
2009 to July 3, 2009. If at any time before July 3, 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 is to
notify the Company that it has achieved compliance with Rule
4310(c)(4). If the Company cannot demonstrate compliance with Rule
4310(c)(4) during the initial compliance period, 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. 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. The additional 180 day compliance period would
commence on July 4, 2009. 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 17, 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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