Melville 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 sells 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. Those call for the stock to rise to a minimum value of $5 million, but only 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. If removed, the company may have the option of listing its stock in a separate Nasdaq category, the Capital Market.

P&F shares have not traded since Thursday, when they closed unchanged at $1.60, capitalizing the company at $5.78 million.