Frederick Brewing Co. shareholders will meet Feb. 25 to vote on the company's plan for retaining its Nasdaq stock listing.
Nasdaq notified the company in September that the stock would be delisted unless the share price reached at least $1 for 10 consecutive trading days by Dec. 14.
The stock made its debut at $6 a share in March 1996; it closed yesterday at 37.50 cents, unchanged.
The company has appealed the delisting notice and announced a planned reverse stock split to exchange one new share for each five shares owned.
A new share would be worth five times the value of an old share.
Frederick Brewing spokeswoman Andrea Keller said the company expects Nasdaq to schedule a hearing on its appeal in late January.
Even if they lose the appeal, company lawyers are confident that the exchange will delay delisting the stock until after shareholders vote, she said.
Frederick Brewing, a 6-year-old company based in Frederick, produces Blue Ridge, Hempen, Wild Goose and Brimstone beers and ales.
Pub Date: 12/17/98