By Eileen Ambrose, The Baltimore Sun
8:34 PM EDT, August 26, 2011
First Mariner Bancorp says it has been notified by Nasdaq Stock Market that it still fails to meet the standards to remain listed on the exchange, according to documents filed with securities regulators on Friday.
Nasdaq had given the Baltimore-based bank holding company an extension until Aug. 22 to raise its stock price to meet the $1 per share minimum for being listed.
First Mariner said it appealed Nasdaq's finding during a hearing held Thursday, and the results are expected within 30 days.
Until then, First Mariner will continue to trade on the Nasdaq Capital Market. The company's stock closed Friday at 42 cents per share, up 7 cents.
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