First Mariner gets 6 more months to get share price above $1
Posted: 4:35 pm Wed, February 23, 2011
Daily Record Business Writer
First Mariner Bancorp, parent company of 1st Mariner Bank, has received a six-month extension to get its stock price above $1 per share after receiving approval to move trading to a new market.
On Feb. 18, the Nasdaq Stock Market told First Mariner it agreed with its request to transfer the listing of its common stock to the Nasdaq Capital Market, which until 2005 was called the NASDAQ SmallCap Market. The transfer took effect at the start of trading on Wednesday.
According to Nasdaq, trading in the stock will be unaffected by the change, and the company’s symbol — FMAR — will remain the same.
Shares of First Mariner gained 2 cents, or 7.2 percent, Wednesday to close at 43 cents.
The move came at the end of the first six-month period that First Mariner had get its stock price above $1 or face delisting. The delisting notice came in August 2010 after shares traded under $1 for 30 consecutive business days.
With the move, Nasdaq agreed to give the company until Aug. 22 to come into compliance, or face delisting again. To comply, First Mariner stock must trade at, or above, $1 for 10 consecutive business days.
The company submitted a written plan to meet that goal and said it would effect a reverse stock split if necessary.