Greater Atlantic Financial Corp. in Reston, Va., said Monday that it had received a letter indicating that its shareholder equity has fallen below Nasdaq's minimum requirement for listing.
The Nasdaq Global Market told the $306 million-asset company, in a letter received last Tuesday, that it lacked the $10 million of shareholder equity that Nasdaq listing requires, Greater Atlantic said in a press release. Nasdaq had previously notified Greater Atlantic that its failure to file timely reports for the quarters ended last June 30 and Sept. 30 had also put it in violation of listing requirements.
The failure to maintain adequate shareholder equity "serves as an additional basis for delisting the company's securities from the Nasdaq Global Market," the company said in its press release.
