A sagging stock price could get Omni Financial Services Inc. delisted from the Nasdaq Stock Market.
The $933 million-asset Atlanta company, which is struggling with huge losses on loans to developers, said that over the last 30 consecutive business days its stock price has closed below the $1 per share that Nasdaq requires for continued listing.
Omni announced after the market closed Thursday that Nasdaq will give the company until Dec. 29 to comply with its rule for share prices.
To avoid the potential delisting, Omni's shares must close at $1 or more for at least 10 consecutive business days at any time before that deadline.
The shares, which were trading at 75 cents Monday, have lost about 90% of their value over the past 52 weeks. They last closed above $1 on May 16.
The Nasdaq warning about the low share price follows earlier ones about late filings. Omni, which is still trying to assess the extent of its loan troubles, has yet to file its annual report for last year with the Securities and Exchange Commission, and its stock could be delisted if it does not do so by July 15.
It also has delayed filing its first-quarter earnings report, though preliminary data reported to the Federal Deposit Insurance Corp. indicates that its nonaccruing loans more than quadrupled from a year earlier, to $27 million.
