Greater Atlantic Financial Corp. in Reston, Va., said Wednesday that trading of its stock has been suspended because it failed to maintain the minimum $10 million of shareholders' equity required for continued listing on the Nasdaq Global Market.
Nasdaq notified Greater Atlantic of the decision Tuesday, the $306 million-asset company said.
Greater Atlantic warned shareholders last week that its shares could be delisted because its shareholders' equity had fallen about $1.15 million below the Nasdaq minimum. It also announced last month that Nasdaq had said its failure to file timely reports for the quarters that ended last June 30 and Sept. 30 had put it in violation of listing requirements.
Greater Atlantic's shares have fallen nearly 30% since the end of 2006. They closed up 0.6% Wednesday.
