Houston-based ACR Group reported that it received a Nasdaq Staff Determination indicating that ACR fails to comply with the minimum bid price requirement for continued listing and that its securities are subject to delisting from The Nasdaq SmallCap Market.
ACR has requested a hearing before a Nasdaq Listing Qualifications Panel to review the determination. The appeal will stay the delisting pending the panel's decision.
The wholesale distribution company will emphasize to the panel its historical record of revenue growth and profitability. It will report that the company's financial results for fiscal year 2001 were adversely affected by costs associated with opening new branch operations.
ACR does not intend to open new branches in fiscal year 2002.
