First Mariner appeals Nasdaq delisting decision

July 21, 2011|By Jamie Smith Hopkins, The Baltimore Sun

First Mariner Bancorp is appealing a Nasdaq Stock Market decision to delist the company's stock from the Nasdaq Capital Market.

The Baltimore-based parent of 1st Mariner Bank said Thursday that it has requested a hearing, which will prevent delisting until the hearings panel acts. Hearings are usually scheduled in 30 to 45 days, with decisions issued about a month after the hearing, First Mariner said.

First Mariner, in a struggle to survive after years of losses, has seen its stock trade under 80 cents a share for most of the year. Nasdaq said in May that the company did not meet the $2.5 million minimum in shareholders' equity to be listed.

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