The Nasdaq Stock Market said it has suspended its rules which allow companies with share prices of less than $1, to remain on its market until January 2, 2002.
Nasdaq stocks trading for less than $1 include high-speed internet service provider [email protected], ebusiness software maker BroadVision, upstart telecom carrier McLeod, online magazine publisher Salon.com, high-speed DSL provider Covad Communications, and the former high flying internet incubator CMGI.
Trading halted on web hosting provider Exodus Communications, which closed at 17 cents a day before the suspension.
Around 669 Nasdaq companies, or about 15 per cent of Nasdaq's list, now trade below the $1 level.
The now-suspended rules call for Nasdaq to send a company a warning notice if its shares trade for less than $1 a share for 30 straight days. The company then has 90 calendar days to come back into compliance.
Other US markets, such as the New York Stock Exchange, have not said whether they will take a similar approach.
Nasdaq said the move is in response to the extraordinary market conditions following the tragedy of 11 September when terrorist attacks destroyed the World Trade Center in Manhattan and damaged the Pentagon outside Washington.
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