Channell notified by Nasdaq under minimum bid price rule

Wed. September 03, 2008; Posted: 03:45 AM

Sep 03, 2008 (M2 EQUITYBITES via COMTEX) -- CHNL | Quote | Chart | News | PowerRating -- Channell Commercial Corporation (NYSE:CHNL), a designer and manufacturer of telecomms equipment and water harvesting solutions, announced on Tuesday (2 September) that the company has received a deficiency notice from the Nasdaq Stock Market relating to the minimum bid price rule.

Nasdaq has notified the company that it no longer complies with Nasdaq 4450 (a)(5), as the bid price of the company's shares closed below the minimum USD1.00 per share for the 30 consecutive business days prior to the date of the letter.

In accordance with the rule Channell will be provided 180 calendar days, or until 24 February 2009, to regain compliance with the minimum bid price rule. If at any time before 24 February 2009, the bid price of the company's stock closes at USD1.00 per share or more for a minimum of 10 consecutive business days, Nasdaq will notify the company that it has achieved compliance with the minimum bid price rule.

If Channell does not regain compliance with the minimum bid price rule by 24 February 2009, Nasdaq will notify the company that its common stock will be delisted from the Nasdaq Global Market. In that event, Nasdaq rules permit Channell to appeal any delisting determination by the Nasdaq staff to a Listing Qualifications Panel. Alternatively, Nasdaq may permit the company to transfer its common stock to the Nasdaq Capital Market if it satisfies the requirements for initial inclusion set forth in Marketplace Rule 4310(c), except for the bid price requirement.

If its application for transfer is approved, the company would have an additional 180 calendar days to comply with the minimum bid price rule in order to remain on the Nasdaq Capital Market.

The company said that this deficiency letter has no effect on the listing of its common stock at this time and its shares will continue to trade on the Nasdaq Global Market under the symbol 'CHNL'.

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