National American University Holdings, Inc. Announces Intention to Voluntarily Transfer from NASDAQ to the OTCQB Market
01 January 2019 - 12:30AM
National American University Holdings, Inc. (the
“
Company”)
(NASDAQ: NAUH), which
through its wholly owned subsidiary operates National American
University (“NAU”), a regionally accredited, proprietary,
multi-campus institution of higher learning, today announced its
intent to voluntarily delist its common stock from the Nasdaq
Global Market (“NGM”) of the Nasdaq Stock Exchange (“Nasdaq”) and
to transfer the listing of its common stock to the OTCQB Market
(the “OTCQB”). The Company intends to cease trading on NGM at the
close of business on or about January 21, 2019.
The Company’s Board of Directors approved the
voluntary withdrawal of the Company’s common stock from listing on
NGM as a result of numerous factors, including its assessment of
the probability of the Company’s regaining compliance with Nasdaq,
the common stock’s current trading volume and price, and the costs
of maintaining eligibility to list the Company’s common stock on
NGM.
As previously disclosed on Form 8-K filed with
the Securities and Exchange Commission (the “SEC”) on October 3,
2018, on September 28, 2018, the Company received a written notice
from Nasdaq that the closing bid price for its common stock had
been below $1.00 for the previous 30 consecutive business days, and
that the Company therefore is not in compliance with the minimum
bid price requirement for continued inclusion on NGM under Nasdaq
Listing Rule 5450(a)(1). The notice stated that the Company has
been provided a period of 180 calendar days, or until March 27,
2019, to regain compliance. In order to regain compliance with the
minimum closing bid price rule, the closing bid price of the
Company’s common stock must be at least $1.00 or higher for a
minimum of ten consecutive business days during the compliance
period.
As disclosed on Form 8-K filed with the SEC on
December 31, 2018, the Company received a written notice dated
December 26, 2018, from Nasdaq that, based upon the Company’s
market value of publicly held shares for the last 30 consecutive
business days, the Company no longer meets the requirement to
maintain a minimum Market Value of Publicly Held Shares (“MVPHS”)
of $5,000,000.00, as set forth in Nasdaq Listing Rule
5450(b)(1)(C). The notice stated that the Company has been provided
a period of 180 calendar days, or until June 24, 2019, to regain
compliance. In order to regain compliance with the minimum MVPHS
rule, the Company’s MVPHS must be at least $5,000,000.00 for a
minimum of ten consecutive business days during the compliance
period.
The Company is currently taking the steps
necessary so that its common stock may be quoted for trading on the
OTCQB, operated by OTC Markets Group, a centralized electronic
quotation service for over-the-counter securities. The Company
anticipates that its common stock will begin trading on the OTCQB
on or about January 21, 2019 under its current trading symbol
“NAUH,” following the withdrawal from trading on the NGM. The
Company will also remain a reporting company under the Securities
Exchange Act of 1934, as amended, immediately following the
voluntary withdrawal from the NGM.
About National American University
Holdings, Inc.National American University Holdings, Inc.,
through its wholly owned subsidiary, operates National American
University (“NAU”), a regionally accredited, proprietary,
multi-campus institution of higher learning offering associate,
bachelor’s, master’s, and doctoral degree programs in technical and
professional disciplines. Accredited by the Higher Learning
Commission, NAU has been providing technical and professional
career education since 1941. NAU opened its first campus in Rapid
City, South Dakota, and has since grown to multiple locations
throughout the central United States. In 1998, NAU began offering
online courses. Today, NAU offers degree programs in traditional,
online, and hybrid formats, which provide students increased
flexibility to take courses at times and places convenient to their
busy lifestyles.
Contact Information:National American
University Holdings, Inc.Dr. Ronald
Shape605-721-5220rshape@national.edu
Investor Relations CounselThe Equity
Group Inc.Carolyne Y.
Sohn415-568-2255csohn@equityny.com
Adam Prior212-836-9606aprior@equityny.com
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