IRVINE, Calif. — Consumer Portfolio Services revealed this week it received a NASDAQ staff deficiency letter on June 30.

The letter indicated the company had failed during the 30-business day period that ended June 28 to comply with the minimum public float requirement, as required by NASDAQ Rule 5450(b)(3)(c).

Officials stated a minimum public float of $15 million is required. They explained public float is defined as the closing bid price for the company's shares, multiplied by the number of outstanding shares held by persons other than its directors, its officers and holders of 10 percent or more of outstanding shares

CPS said it has until Dec. 27 to regain compliance; otherwise, its common stock will be subject to delisting.

Based on the June 28 closing price of $1.11 per share, the company insisted it had a public float, so defined, of approximately $14 million.

CPS determined regaining compliance would require the closing bid price equaling or exceeding $1.18 per share for 10 consecutive trading days prior to Dec. 27.

"There can be no assurance as to the price(s) at which CPS stock may trade," company officials stated. "CPS is considering several alternatives that could be taken to maintain a listing of its common stock."