Irvine-based automotive marketing company Autobytel Inc. is tense as they have received a letter from Nasdaq. They face the threat of delisting from Nasdaq due to a lower stock price that prevailed all round the year. According to Nasdaq rules, listed companies should require more than $1 to trade. They should not slip below the prescribed limit for more than thirty straight days.

Autobytel Inc. has time until March 15 to get its shares at $1 or more for a minimum of 10 days to avoid delisting. The officials can extend the deadline after observing the current situation. The company has a recent market value of about $30 million and they are taking possible actions to regain this compliance. The flexibility given to companies by Nasdaq officials is due to many stocks trading at lower prices and violation of exchange rules.

The company has faced a downturn due to a hit in online auto shoppers to dealers. Since the month of spring it is working in the company’s favor, there is a rebound in the market. Since April, the shares have been hiked to 150% when they traded for each quarter. In April, the company rejected a buyout offer from a major shareholder, Infield Acquisitions Inc. which is a part of Austin, Texas-based Trilogy Enterprise Inc. They had offered 30% higher than what the company’s shares were trading at.

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