Nasdaq listing rules require stocks to maintain a $1 minimum bid price; to maintain certain corporate assets, market capitalization and/or income levels; and to adopt specific corporate governance requirements. If Nasdaq "delists" a company, its stock continues to be sold, but shares are not as accessible to investors.
Stocker & Yale, a manufacturer of inspection lighting products, has appealed the ruling. At presstime, its shares were trading at around $1.50.