The price of shares in Rainier Pacific Financial Group has fallen below the Nasdaq Stock Market threshold, and the stock is in danger of being delisted, the company said in a news release Wednesday.
Rainier Pacific Financial Group Inc. was notified by the Nasdaq Stock Market late last week that its stock was not in compliance with the exchange’s rules. The total value of shares in the Tacoma-based bank has fallen below $5 million for 30 consecutive business days, the company said. Shares closed unchanged Wednesday at 45 cents, giving a total market value of $2.83 million. A year ago, the stock traded at $4.50.
Rainier Pacific has until Jan. 21 to increase the value of its stock to $5 million or more for ten consecutive business days.
Rainier Pacific said in the release it will consider available options. No details were given.
Should the stock price not increase by Jan. 10, Nasdaq will provide written notification that the company’s common stock will be delisted. Rainier Pacific could apply to transfer its common stock to The Nasdaq Capital Market if it satisfies other requirements.
Rainier Pacific Bank operates 14 locations in Tacoma-Pierce County and Federal Way.