Dothan, Ala. - Movie Gallery, the financially struggling firm that is the nation's second-largest movie rental chain behind Blockbuster, announced on Wednesday that it has received two notices from the Nasdaq that its shares are in danger of being delisted from the exchange.

The company is in violation of the Nasdaq's $1 minimum share price rule, as well as its $15 million minimum market value requirement; Movie Gallery has 180 days to regain compliance on the first matter, and 90 days to address the second.

Dothan, Ala.-based Movie Gallery, which operates 4,550 stores under the Movie Gallery, Hollywood Video and Game Crazy brands, last week was granted extensions on debt payments from some of its lenders.

The company said it had missed payments due to significantly weaker than expected second quarter results.

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