Irvine-based automotive marketing company Autobytel Inc. no longer faces the prospect of delisting from the Nasdaq because of its low stock price.
The company said Wednesday that it has regained compliance with Nasdaq by trading for $1 or greater for at least 10 consecutive days.
Nasdaq rules require shares of listed companies to trade for more than $1 and not to slip below the threshold for more than 30 straight days.
Autobytel’s shares closed at $1.12 Wednesday with a market value of about $50 million.
The company received a letter from Nasdaq officials in September citing its stock price, which has below $1 per share for most of last year.
The company had until March 15 to get its shares at $1 or more for 10 straight days to avoid delisting.
Delisting threats have become common since the Wall Street meltdown of fall 2008.
With so many stocks trading at lower prices, and many in violation of exchange rules, Nasdaq officials have shown flexibility in working with companies.
The company steers online auto shoppers to dealers and the automotive industry’s downturn has hit the company hard.
Autobytel has faced an investor rebellion and a buyout bid in addition to the delisting threat last year.
The company has been looking to generate more business from leads to auto dealers as it downplays revenue from advertising on its Web sites.
Last April, Autobytel’s board rejected an unsolicited $15.8 million buyout offer from a major shareholder, Infield Acquisitions Inc., part of Austin, Texas-based Trilogy Enterprise Inc.
