Great Neck cash lender faces delisting
Manhattan Bridge Capital, a public cash lending company based in Great Neck, may face being delisted from the Nasdaq stock exchange if it cannot get its stock price up.
The lender announced in a news released Monday that it received notice of possible delisting from Nasdaq because the company's stock has closed at below $1 per share for the past 30 business days.
Per Nasdaq rules, Manhattan Bridge's stock must close at or above $1 per share for 10 consecutive business days sometime in the next 180 days -- or until Feb. 4 next year -- to remain on the exchange. If the company is able to achieve that, then it will be given another 180 days to meet the same criteria.
Manhattan Bridge Capital was founded in 1989 by Assaf Ran, the company's current chief executive. It became a public company in 1999. The company primarily lends cash to small businesses. It trades under the ticker symbol LOAN and closed at 92 cents Monday afternoon.
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Get ready for sun and fun with NewsdayTV's summer FunBook special! From celebrating America's 250th birthday to a new ride at Adventureland, NewsdayTV's Elisa DiStefano and Newsday lifestyle editor Meghan Giannotta have your inside look at Newsday's summer FunBook.
