It seems very much academic given Tennessee Commerce's more pressing priorities, but Nasdaq's listing arbiters are again wagging their finger at the Franklin bank holding company. This time, it's because investors have bailed on the lender's shares to such an extent that its market capitalization has fallen below $5 million.

SEE ALSO: A second Nasdaq notice for Tennessee Commerce

It's something of a formality but Tennessee Commerce execs on Tuesday afternoon informed investors that the Nasdaq's listing standards panel told them the struggling Franklin-based bank holding company's delay in filing its Q3 report means it's breaking the exchange's rules. The situation should be remedied by early next year. Tennessee Commerce also has been told by Nasdaq officials that its stock price (Ticker: TNCC) needs to consistently get back above $1 by April.

Acadia Healthcare, the behavioral health services provider run by Joey Jacobs and other former Psychiatric Solutions executives, has completed its acquisition of Massachusetts-based PHC and assumed its stock listing. Shares of the combined company Tuesday began changing hands on the Nasdaq under the ticker ACHC, exactly 351 days after Universal Health Services closed on its purchase of Psych Solutions. (We're still wondering whose dog ate the noncompetes.)

True to his track record, Jacobs says he will continue to consolidate the sector. As a reference point, here's Acadia's footprint as of today.

Medical transcription company MedQuist Inc. (Ticker: MEDQ) has filed notice with the Nasdaq Stock Market that it intends to voluntarily delist its common stock effective April 14. The delisting is justified, the company said, because its Franklin-based parent MedQuist Holdings Inc. (Ticker: MEDH) now owns about 97 percent of the company.

The Nadaq stock market has notified prison health company America Service Group that it's not in compliance with the requirements to be a listed company, thanks to the board resignation of John McCauley. McCauley, who served on the company's audit committee, recently left the post to become chief risk officer. As a result, America Service only has two audit committee members, and the Nasdaq requires three.

America Service (Ticker: ASGR) said it plans to add to the committee from its existing board members before the Nasdaq's cure period ends.