GTC Biotherapeutics Receives NASDAQ Notice of Non-Compliance
Last update: 4:30 p.m. EDT July 18, 2008
FRAMINGHAM, Mass., Jul 18, 2008 (BUSINESS WIRE) -- GTC Biotherapeutics, Inc. (GTCB:gtc biotherapeutics inc com
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3:59pm 07/18/2008
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GTCB 0.38, 0.00, -0.5%) (the "Company") received a notice of non-compliance on July 16, 2008, from the NASDAQ Staff indicating that the Company had not regained compliance with the minimum $1.00 bid price requirement for continued listing on The NASDAQ Global Market, as set forth in NASDAQ Marketplace Rule 4450(a)(5) (the "Minimum Bid Price Rule"). The Company's common stock is subject to delisting unless the Company requests a hearing before a NASDAQ Listing Qualifications Panel ("Panel"). The Company intends to request a hearing, which will stay any delisting action pending issuance of the Panel's decision subsequent to the hearing. There can be no assurance that the Panel will grant the Company's request for continued listing.
As previously reported, the Company was initially notified on January 17, 2008, that the bid price of its common stock had closed below $1.00 for 30 consecutive business days. In accordance with NASDAQ Marketplace Rule 4450(e)(2), the Company was granted 180 calendar days, or until July 15, 2008, to regain compliance with the Minimum Bid Price Rule. As also previously reported, the Company was notified by the NASDAQ Staff that the Company is not in compliance with the minimum $50 million market value of listed securities requirement (the "Market Value Requirement") set forth in NASDAQ Marketplace Rule 4450(b)(1). In accordance with NASDAQ rules, the Company was granted 30 calendar days, or until July 31, 2008, to regain compliance with that requirement. If the Company does not regain compliance with the Market Value Requirement by July 31, 2008, the Company plans to address this issue at the Panel hearing as well.