The Nasdaq Listing Qualifications Panel has granted a 90-day extension to rStar [Nasdaq: RSTRC], a Sunrise, Fla.-based satellite private network supplier, to meet its listing requirement. Nasdaq requires that a company’s stock maintain a minimum bid price of $1 per share for 10 consecutive days in order to continue listing on the exchange.

Nasdaq granted the extension because it is asking the Securities and Exchange Commission to approve changes to its bid price rules and rStar is awaiting the SEC decision before it conducts a reverse stock split to bring its stock price above the minimum price. As a result of this extension, rStar by Sept. 3 must meet the minimum closing-price requirement.