Irvine-based automotive marketing company Autobytel Inc. faces the prospect of delisting from Nasdaq because of its low stock price, the company said Friday.
Autobytel said it received earlier this week a letter from Nasdaq officials citing its stock price, which has traded at less than $1 per share for all of this year.
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 had a recent market value of about $30 million.
The company now has until March 15 to get its shares at $1 or more for 10 straight days to avoid delisting. Nasdaq officials could extend the deadline.
Autobytel said it considering actions it could take to regain compliance.
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 market’s rebound since the spring is working in Autobytel’s favor. Its shares are up up 150% since April, when they traded for about a quarter each.
Autobytel steers online auto shoppers to dealers. The auto sales downturn has hit the company hard.
In 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.
At the time, the offer was 30% higher than what Autobytel’s shares were trading at.
