GRAND UNION, Wayne, N.J., said it received notification from the National Association of Securities Dealers, Washington, that it no longer met certain requirements to have its common stock listed on the Nasdaq SmallCap market index and that the company has formally requested a delisting hearing before Nasdaq's Listing Qualifications Panel. Last September, the chain's common stock moved from the Nasdaq National Market to the SmallCap Market, which has lower requirements than the National index. An initial listing on the SmallCap market requires $50 million market capitalization or $750,000 net income in the latest fiscal year or two of the last three fiscal years. Two other usual requirements, a minimum bid price of $4 and $4 million in net tangible assets, had been waived by Nasdaq. Grand Union said the proposed delisting would not impact its proposed restructuring plans or the company's ability to continue to meet its trade and business obligations in ordinary course.
