GRANITE FALLS -- Bank of Granite Corp. said yesterday that it is no longer in compliance with the Nasdaq Stock Market's rule that requires a minimum $1 bid price for its shares.
Because the bank is out of compliance, it faces being delisted from the Nasdaq Global Select Market. The bank has until May 11 to regain compliance --having at least a $1 a share price for at least 10 consecutive business days before May 11.
The share price rose 5 cents to close at 46 cents yesterday. The 52-week high is $3.95 on Nov. 19, 2008.
The notice is the latest setback for the bank, which has operated for 2½ months under an "order to cease and desist" from the Federal Deposit Insurance Corp. and the N.C. Commissioner of Banks.
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