Attached files
file | filename |
---|---|
8-K - CURRENT REPORT - National American University Holdings, Inc. | nauh_8k.htm |
Exhibit 99.1
National American University Holdings, Inc. Announces Intention to
Voluntarily Transfer from NASDAQ to the OTCQB Market
Rapid City, South Dakota, December 31, 2018 — 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 Shape
605-721-5220
rshape@national.edu
Investor
Relations Counsel
The Equity Group Inc.
Carolyne
Y. Sohn
415-568-2255
csohn@equityny.com
|
Adam
Prior
212-836-9606
aprior@equityny.com
|