NASDAQ on Sept. 5 notified Velocity Express that it will be delisted if its stock value doesn't increase to more than $1 million by Dec. 4.
The time definite regional carrier lost $10.6 million in the quarter ending March 29 and has not yet filed a report on the latest quarter. Harsh market realities including soaring fuel costs have bled the company for more than a year.
The company will have 90 calendar days, or until Dec. 4, 2008, to regain compliance. Otherwise, NASDAQ will provide written notification that the company's securities will be delisted. At that time, the company may appeal the decision to a NASDAQ Listing Qualifications Panel.