Struggling tool supplier gets Nasdaq delisting warning

A Melville tool supplier is in danger of losing its listing on the Nasdaq's primary stock exchange, the company has told a federal regulator.

P&F Industries, with offices on Broadhollow Road, told the Securities and Exchange Commission that it got a letter last week from the Nasdaq saying it had "failed to satisfy a continued listing rule" — because the total value of all its publicly held shares was continuously below $5 million during a 30-day market period.

P&F, which supplies hardware and tools, primarily to the auto industry and housing sector, has been hit by the economy's effect on car and home sales.

The Sept. 20 notification "has no effect on the listing of the registrant's securities at this time," P&F, the registrant, told the federal agency. P&F has 180 calendar days, until March 21, 2011, to comply with the Nasdaq rules, which call for the stock to have a minimum value of $5 million for at least 10 trading days in a row.

If it fails, the stock will be removed from Nasdaq's global trading list, though the company has the right to appeal that decision. If removed from the global list, the company may have the option of listing its stock in a separate Nasdaq category, the Capital Market. Previously named the SmallCap Market, the Capital Market category is for companies whose core focus is raising capital.

P&F's brands supplied by its Florida Pneumatic subsidiary include Universal Tool, Berkley Pipemaster and Fuji Air Tools. Through its Hy Tech subsidiary, the company supplies ATP, Eureka, Ozat and Thaxton pneumatic tools and replacement parts.

And through its Nationwide Industries subsidiary, the company supplies custom and stock fencing and railing hardware, window and door components, storm and screen doors.