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.
Scientists create a virtual reality simulation of a black hole sitting at the centre of the Milky Way
Simulations like this can help people understand complicated systems in the universe in a better way
The most luminous galaxy ever discovered is cannibalising at least three of its smaller neighbours, study finds
The galaxy radiates at 350 trillion times the luminosity of the Sun
Researchers modify genetic code of cancer-killing virus so it can target cells that protect cancer from immune system
Changing the genetic coding causes the infected cancer cells to produce a protein that kills the fibroblast cells that protect cancer
The findings can help improve the current understanding of brain development disorders, such as epilepsy or autism