IRVINE, Calif. — Consumer Portfolio Services announced it received a staff deficiency letter from Nasdaq on Sept. 15 stating the company has failed to comply with the minimum bid price of $1.00 as required by Rule 5450(a)(1).

Under the rule, which affects official listings in the Nasdaq Global Market, companies must meet all of the criteria under at least one of three standards — Equity, Market Value or Total Assets/Total Revenue. The specific offense is detailed under the sixth requirement in the Equity Standard Listing Rules as follows:

1. Stockholders' equity: $10 million.

2. Market value: not applicable.

3. Total assets and total revenue (in latest fiscal year or in two of last three fiscal years): not applicable.

4. Publicly held shares: $750,000.

5. Market value of publicly held shares: $5 million.

6. Bid price: $1.

7. Total shareholders: 400

8. Market makers: 2

9. Corporate governance: Yes

According to CPS, the company has until March 15, 2010, to regain compliance or its common stock will be subject to delisting. Officials are considering alternative measures that could be taken to maintain its common stock listing on the Nasdaq.