First Regional Bancorp said it had been warned by the Nasdaq Stock Market that it was in danger of being delisted because the price of its common stock had been below the market’s minimum bid price of $1 per share for 30 consecutive business days.

The Los Angeles bank holding company’s shares were down 3 cents, or 6 percent, to 47 cents in Monday midday trading on the Nasdaq.

The Nasdaq notice, dated November 24, said the company’s shares needed to close at $1 per share or more for at least 10 consecutive business days by May 24 in order to stay in compliance.

If the company does not regain compliance by May 24, First Regional’s shares would be subject to delisting. The company may appeal and submit a plan for regaining compliance. One way could be implementing a reverse stock split, the company said.

The company also could apply to transfer its common stock to the Nasdaq Capital Market, formerly known as the Nasdaq SmallCap Market.