HIBBING, Minn. (May 10)—Industrial Rubber Products Inc. has asked for a hearing before a Nasdaq Listing Qualifications Panel to overturn a staff ruling that delists the company from its small cap market. The company's stock is traded on the Nasdaq Small Cap Market under the symbol INRB. It received a notice May 1 that said it failed to comply with Nasdaq's minimum price requirement of $1 for continued listing on the market. Industrial Rubber Products' stock closed at 90 cents per share May 1, but rose to 98 cents a share May 9. When a company's minimum bid price falls below $1, it's delisted from the market. "There can be no assurance the panel will grant our request for continued listing," said John Kokotovich, chief financial officer of Industrial Rubber Products. If the company's request is not granted, its common stock will be traded on the Over-the-Counter Bulletin Board, which is a regulated quotation service that displays real-time quotes, last sale prices and volume information in over-the-counter equity securities.
Industrial Rubber Products seeks delisting hearing
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