Does NASDAQ have the authority to delist a company that otherwise meets the quantitative and qualitative criteria for initial or continued listing?

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Does NASDAQ have the authority to delist a company that otherwise meets the quantitative and qualitative criteria for initial or continued listing?

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Yes. As set forth in Listing Rule 5101 and IM-5101-1, in addition to applying the enumerated criteria set forth in Rules 5300, 5400, 5500 and 5700, NASDAQ will exercise broad discretionary authority over the initial and continued inclusion of securities in NASDAQ in order to maintain the quality of and public confidence in its market. (Updated: July 14, 2009) Are there any particular circumstances under which NASDAQ will apply additional and more stringent criteria, and suspend and/or delist a company’s securities, pursuant to its discretionary authority? Yes. As set forth in Listing Rule 5101 and IM-5101-1, NASDAQ may determine to suspend or terminate a listing if: a company files for bankruptcy protection; a company’s independent auditors issue a disclaimer opinion on the financial statements that are required to be certified; or NASDAQ deems it necessary to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, or to protect invest