LONG ISLAND, N.Y., Aug. 6, 2012 (GLOBE NEWSWIRE) -- Manhattan Bridge Capital, Inc. (Nasdaq:LOAN) announced today it has received from the NASDAQ Stock Market ("Nasdaq") a 180 days' notice of delisting for failure to maintain a minimum $1.00 closing bid price per share for the Company's common stock for the last 30 consecutive business days, as required for continued listing under Nasdaq Listing Rule 5550(a)(2). The Company has a period of 180 calendar days, or until February 4, 2013, to regain compliance with continued listing standards. To regain compliance with the minimum bid price requirement, the closing bid price of the Company's common stock must be at $1.00 per share or more for a minimum of ten consecutive business days.
If, by February 4, 2013, the Company does not regain compliance with Nasdaq Listing Rule 5550(a)(2), it will receive written notification that its securities are subject to delisting. At that time, the Company may appeal the delisting determination to a Nasdaq Hearings Panel. Alternatively, the Company may be eligible for an additional grace period if it meets the initial listing standards, with the exception of bid price, for the Nasdaq Capital Market. If it meets initial listing criteria, the Nasdaq staff will notify the Company that it has been granted an additional 180 calendar day compliance period.
"The company intends to retain its Nasdaq listing and will take all steps reasonably required to do so, stated Assaf Ran, Chairman of the Board and CEO.
This report contains forward-looking statements within the meaning of section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements are typically identified by the words "believe," "expect," "intend," "estimate" and similar expressions. Those statements appear in a number of places in this report and include statements regarding our intent, belief or current expectations or those of our directors or officers with respect to, among other things, trends affecting our financial conditions and results of operations and our business and growth strategies. These forward-looking statements are not guarantees of future performance and involve risks and uncertainties. Actual results may differ materially from those projected, expressed or implied in the forward-looking statements as a result of various factors (such factors are referred to herein as "Cautionary Statements"), including but not limited to the following: (i) the successful integration of new businesses that we may acquire; (ii) the success of new operations which we have commenced and of our new business strategy; (iii) our limited operating history in our new business; (iv) potential fluctuations in our quarterly operating results; and (v) challenges facing us relating to our growth. The accompanying information contained in this report, including the information set forth under "Management's Discussion and Analysis or Plan of Operation", identifies important factors that could cause such differences. These forward-looking statements speak only as of the date of this report, and we caution potential investors not to place undue reliance on such statements. We undertake no obligation to update or revise any forward-looking statements. All subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the Cautionary Statements
CONTACT: Assaf Ran, CEO (516) 444-3400
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