Security monitoring systems company Alanco Technologies Inc. is appealing a Nasdaq decision that could mean company shares would no longer be listed on the exchange.
Alanco Technologies said Friday it received a letter from Nasdaq indicating that the company does not comply with the minimum bid price requirements for continued listing. The letter said the company's shares may be subject to delisting.
As part of its appeal, the company has requested a hearing before a Nasdaq panel. The company is seeking an extension of up to 180 days to regain minimum bid price compliance.
A stock that closes below $1 a share for 30 consecutive days can be delisted.
Alanco's shares were trading around 23 cents Friday.