Lyndhurst, N.J. — Harvey Electronics, the New York metro area A/V specialist, has violated a listing requirement of The Nasdaq Stock Market because its bid price has fallen below $1 for 30 consecutive business days.
Under Nasdaq rules, Harvey will have 180 calendar days, or until June 19, 2006, to comply with the stock exchange’s Minimum Bid Price Rule. Harvey can regain compliance if its common stock closes at or above $1 per share for a minimum of ten consecutive business days.
The violation has no immediate effect on the listing of the Harvey’s common stock, the nine-store chain said.
