Advanta Corp. (NASDAQ:ADVNB; ADVNA) today announced that it received an
expected letter from The NASDAQ Stock Market, LLC (“NASDAQ”), as
described in the Company’s second quarter Form 10-Q filing, stating that
the Company is no longer in compliance with the continued listing
requirements for The NASDAQ Global Select Market. The common stock
classes of the company (Class A and Class B) are separately deficient as
a result of each having closing bid prices below the $1.00 minimum
requirement for 30 consecutive business days. This requirement is
provided for in Marketplace Rules 5450 and 5460.
The Company can regain compliance related to this requirement on either
or both stock classes if, at any time before March 15, 2010, the closing
bid price is at or above the $1.00 minimum for at least ten consecutive
business days. Each common stock class will be separately measured for
compliance. During this time, both classes of stock will continue to be
listed and traded on the Global Select Market of NASDAQ.
The Company intends to monitor the closing bid price for each stock
class and will consider whether to implement any available options to
regain compliance with the continued listing requirements.
About Advanta
Advanta manages one of the nation’s largest portfolios of credit card
receivables (through Advanta Bank Corp.) in the small business market.
Founded in 1951, Advanta has long been an innovator in developing and
introducing many of the marketing techniques that are common in the
financial services industry today. Learn more about Advanta at www.advanta.com.
This Press Release contains forward-looking statements that are subject
to certain risks and uncertainties that could cause actual results to
differ materially from those projected. The most significant among these
risks and uncertainties is the risk that one or both of the Company’s
classes of common stock are delisted before March 15, 2010 or any appeal
process is completed because one or both of the Company’s classes of
common stock fails to satisfy or comply with another listing requirement
or standard, such as the minimum market value of publicly held shares
requirement. The cautionary statements provided above are being made
pursuant to the provisions of the Private Securities Litigation Reform
Act of 1995 (the “Act”) and with the intention of obtaining the benefits
of the “safe harbor” provisions of the Act for any such forward-looking
information. Additional risks that may affect the Company’s future
performance are detailed in the Company’s filings with the Securities
and Exchange Commission, including its most recent Annual Report on Form
10-K and its Quarterly Reports on Form 10-Q.
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