Geerlings & Wade Not Meeting NASDAQ Marketplace Rule

Sep 10, 2002 9:30 PM  By

Canton, MA-based wine marketer Geerlings & Wade has been notified by Nasdaq that its stock may be delisted for noncompliance with a marketplace rule.

The cataloger’s common stock has closed below the minimum $1 per share requirement for continued listing on the NASDAQ SmallCap, the company said in a statement.

The company will be provided 180 days, or until Feb. 26, to regain compliance, requiring the stock price to close at $1 per share or more for a minimum of 10 consecutive days.

In July, the firm’s president/CEO David R. Peace was asked to step aside and has been replaced by Huib E. Geerlings as interim president/CEO. Geerlings & Wade has suffered lower sales and greater losses than expected.