How are the deadlines computed in the delisting determination letters and for subsequent dates set by Hearings?
In accordance with Listing Rule 5815(a), a company has seven calendar days from the date of the delisting determination letter to request a hearing. If the company does not request a hearing by the seventh day, then NASDAQ will suspend trading the company’s securities two business days thereafter. The “clock” does not begin until the day after the letter date, and the deadline date is included in the calculation. However, if the deadline date should fall on a Saturday, Sunday, federal holiday or NASDAQ holiday, then the deadline date will be moved to the next business day. In computing all subsequent deadlines, the same principle applies.
