On June 16, 2010, National Coal Corp. was notified by The Nasdaq Stock Market that we are not in compliance with Nasdaq Marketplace Rule 5450(b)(3)(C) because the market value of our publicly held shares of common stock was less than $15 million for 30 consecutive business days. In accordance with Nasdaq Marketplace Rule 5810(c)(3)(D), we have 180 calendar days, or until December 13, 2010, to regain compliance. This notification has no effect on the listing of the Company’s common stock at this time.
To regain compliance with the minimum value of publicly held shares rule, the market value of the Company’s publicly held shares,
based on the closing bid price of our common stock, must equal at least $15 million for a minimum of ten consecutive business days. If we do not regain compliance by December 13, 2010, the Nasdaq staff will notify us that our common stock will be delisted. In that event and at that time, we may appeal Nasdaq’s delisting determination to a Nasdaq Hearings Panel.
We previously announced that we were not in compliance with Nasdaq Marketplace Rule 5450(a)(1), the Minimum Bid Price Rule,
because shares of our common stock had closed at a per share bid price of less than $1.00 for 30 consecutive business days. In accordance with
Nasdaq Marketplace Rule 5810(c)(3)(A), we have until July 6, 2010 to regain compliance with the minimum bid price rule.http://www.otcmarkets.com/edgar/GetFilingPdf?FilingID=7322856