Local Lender May Be Booted From NASDAQ

Great Neck based money-lender Manhattan Bridge Capital announced on Monday that it may be de-listed from the NASDAQ Stock market.

MBC, which according to the Wall Street Journal has two employees, and is based on Cutter Mill Road, offers short-term loans to real estate speculators. NASDAQ informed them this week that they have 180 days to raise the price of their stock of over $1, according to a statement issued by the company.

For the past 30 days, the company has not ended a day on the exchange at a value of more than $1 per share. In 2004, when real estate commanded much higher prices, their stock traded above $7, according to the financial charting company CQG.

To regain good standing at the exchange, the company’s shares must close at $1 for at least 10 consecutive business days.

“The company intends to retain its NASDAQ listing and will take all steps reasonably required to do so,” said Assaf Ran, Chairman of the Board and CEO.