Boston, Mass.-Converted Organics Inc. said Jan. 3 that it has received a letter dated Dec. 28, 2010, from The NASDAQ Stock Market notifying the company that it has been granted an additional 180-day grace period, or until June 27, 2011, to regain compliance with the minimum $1.00 bid price listing requirement for continued listing on The NASDAQ Capital Market. During the 180-day grace period, if the company’s common stock closing bid price is at least $1.00 per share for a minimum of 10 consecutive business days, Nasdaq will notify the company that it has regained compliance and that the matter is closed. The company said the notification from NASDAQ has no immediate effect on the company’s listing on The NASDAQ Capital Market, nor on the trading of the company’s common stock.
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