According to this press release, Converted Organics has received official notice from the NASDAQ stock exchange that it is not in compliance with Rule 5550(a)(2), as its stock price has closed below $1.00 for 30 consecutive business days. Converted Organics now has an 180 day grace period to get its stock price up above $1.00 for 10 business days in a row. If the company’s stock price has not met this requirement at the end of the grace period, it may be eligible for an additional 180 day grace period if it meets all other requirements to be on the exchange. If not, it faces delisting proceedings.

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