The Nasdaq Stock Market warned Honolulu-based Hoku Corp. that the company faces delisting because its stock continues to trade below $1 a share.

Hoku said today it received written notice from Nasdaq that it has until July 10 regain compliance and maintain a minimum bid closing price of at least $1 share for at least 10 consecutive business days.

“The company intends to actively monitor the bid price for its common stock between now and July 10, 2012, and will consider all available options to resolve the deficiency and regain compliance with the Nasdaq minimum bid price requirement,” Hoku said in a filing with the Securities and Exchange Commission.

Hoku’s shares closed up 3 cents, or 3.6 percent, at 73 cents a share.