Dura Automotive (NASDAQ:DRRA)
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DURA Automotive Systems, Inc. (NASDAQ:DRRA) today
announced it has received a letter from The Nasdaq Stock Market
notifying the company that, for 30 consecutive business days, the bid
price of the company's Class A common stock closed below the minimum
$1.00 per share requirement for continued inclusion under Nasdaq
Marketplace Rule 4450(b)(4) (the "Rule").
The company has 180 days to regain compliance with the Nasdaq's
Global Market $1.00 minimum bid price rule. If at any time before
March 12, 2007, the bid price of the company's common stock closes at
$1.00 per share or more for a minimum of 10 consecutive business days,
Nasdaq may notify the company that it is in compliance with the Rule.
However, Nasdaq has the discretion to require a period in excess of 10
business days before determining that the ability to maintain
long-term compliance has been demonstrated. If the company does not
regain compliance by March 12, 2007, and it meets the Nasdaq Capital
Market initial inclusion requirements except for bid price, it may
apply to transfer from the Nasdaq Global Market to the Nasdaq Capital
Market. If the Nasdaq Capital Market application is approved, pursuant
to Nasdaq Capital Market rules the company would be granted an
additional 180-day period to regain compliance with the minimum bid
price requirement.
About DURA Automotive Systems, Inc.
DURA Automotive Systems, Inc., is a leading independent designer
and manufacturer of driver control systems, seating control systems,
glass systems, engineered assemblies, structural door modules and
exterior trim systems for the global automotive industry. The company
is also a leading supplier of similar products to the recreation
vehicle (RV) and specialty vehicle industries. DURA sells its
automotive products to every North American, Japanese and European
original equipment manufacturer (OEM) and many leading Tier 1
automotive suppliers. DURA is headquartered in Rochester Hills, Mich.
Information about DURA and its products is available on the Internet
at www.duraauto.com.