US: Vaughan misses Nasdaq listing requirement

Vaughan Foods has failed to maintain the minimum stock price of US$1 required to remain listed on the Nasdaq.

Nasdaq has provided the US fresh cut vegetables and deli salad maker with a grace period of 180 calendar days, or until 15 March, 2010, to regain compliance with this requirement.

If the company fails to do so, the group faces delisting from trading on The Nasdaq Capital Market, Nasdaq Listing Qualifications has informed Vaughan.

Vaughan intends to monitor the bid price for its common stock between now the end of the grace period, the company said.

If the stock does not trade at a level that is likely to regain compliance, Vaughan's board of directors will consider "other options" available to the company to achieve compliance, the group said.

If Vaughan is unable to come into compliance, Nasdaq Listing Qualifications will provide written notification that the company's common stock will be delisted.