Franklin Receives NASDAQ Delisting Notice

Franklin Credit Management Corp., a New York-based company that buys, manages, and sells subprime residential mortgage assets, says it has received a notice of delisting from the NASDAQ Stock Market. The company said trading of its common stock will be suspended at the opening of business on Aug. 29 unless it requests an appeal of NASDAQ's determination, which it said it "expects" to do. The delisting would be based on the failure of Franklin's stock to maintain a minimum bid price of $1 per share. The company said it was notified on Feb. 20 that the stock had failed to maintain the minimum bid price for the preceding 30 business days, and it was given 180 calendar days to regain compliance for at least 10 consecutive trading days. Franklin Credit can be found on the Web at http://www.franklincredit.com.