Air Transport Services Group (Nasdaq: ATSG) said today that it has received notification from The NASDAQ Stock Market LLC that NASDAQ has temporarily suspended the enforcement of its minimum share price rules because of extraordinary market conditions.
As a result of the suspension, ATSG and all other NASDAQ listed companies now in the share price compliance process will remain at that same stage of the process. NASDAQ will not take any action to delist any security for these concerns during the suspension period, which will remain in effect through January 16, 2009.
ATSG received a written notification from The NASDAQ Stock Market (“NASDAQ”) on September 16, 2008, indicating that the minimum bid price of ATSG common stock had fallen below $1.00 for 30 consecutive trading days, and that it was therefore not in compliance with NASDAQ Marketplace Rule 4405(a)(5). That notice further provided that in accordance with the NASDAQ Marketplace Rules, the Company will be provided 180 calendar days, or until March 16, 2009, to regain compliance with the minimum bid price requirement.
ATSG had 151 calendar days remaining in its compliance period as of October 16, 2008, the effective date of NASDAQ’s suspension. Upon reinstatement of the rules on January 19, 2009, ATSG will have the same number of days remaining, or until June 19, 2009, to regain compliance. The company may regain compliance, either during the suspension or during the compliance period resuming after the suspension, by achieving a $1 closing bid price for a minimum of 10 consecutive trading days.
ATSG is a leading provider of air cargo transportation and related services to domestic and foreign air carriers and other companies that outsource their air cargo lift requirements. Through five principal subsidiaries, including three airlines with separate and distinct U.S. FAA Part 121 Air Carrier certificates, ATSG also provides aircraft leasing, aircraft maintenance services, airport ground services, fuel management, specialized transportation management, and air charter brokerage services. ATSG’s subsidiaries include ABX Air, Inc., Air Transport International, LLC, Capital Cargo International Airlines, Inc., Cargo Aircraft Management, Inc., and LGSTX Services, Inc.
Quint O. Turner, Chief Financial Officer, 937-382-5591