Franklin Bank received a non compliance notice from NASDAQ? Any updates?

Question

Franklin Bank received a non compliance notice from NASDAQ? Any updates?

Answer 1

According to a report Franklin Bank received a non-compliance notice from NASDAQ on 2008-07-23 for failing to maintain the required minimum share price of $1 for 30 consecutive days. The bank has 180 days, or until 2009-01-20, to regain compliance. Also said in a release issued after markets closed on May 19 that the U.S. Securities and Exchange Commission is conducting an investigation into accounting errors and other matters.

Bottom line is compliance management solution is the key focus of enterprises today, with increasing government emphasis on compliance with regulatory guidelines.

Answer 2

Not since this:

http://houston.bizjournals.com/houston/s...

But they have six months to recover before de-listing.  Of course, with their problems, there's a lot of doubt whether or not that'll happen.

Answer 3

Aside from the appointment of a new CEO, nothing has changed. It is true that FBTX has 180 days for the bid price to recover to a minimum of $1.00/share, which must be maintained for at least 10 consecutive days and maybe as many as 20 consecutive days, at Nasdaq's discretion.

However, FBTX still faces a Sep. 15 deadline to file their delayed annual report 10K for 2007 and interim 10Q for the quarter ended 3/31/08. If these reports are not filed by Sep. 15, FBTX still faces delisting, regardless of any possible recovery in the share price.