Granite City Food & Brewery Receives Favorable Decision from NASDAQ
Granite City Food & Brewery Ltd. (NASDAQ: GCFB) announced today that it has received the decision of the Hearings Panel of The NASDAQ Stock Market, notifying the Company that it had granted the Company's request for continued listing, subject to certain conditions.
The decision followed the Company's failure to comply with the minimum shareholders' equity requirement for continued listing set forth in NASDAQ Listing Rule 5550(b) (1). NASDAQ staff did not accept the Company's plan for compliance submitted on January 4, 2012, and the Company appealed that decision to a hearing panel on March 1, 2012.
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