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Ciphergen Stock Jumps 6.8 Percent on Positive Nasdaq Outcome

NEW YORK (GenomeWeb News) – Shares in Ciphergen Biosystems were up 6.76 percent, or $.09, at $1.42 in mid-afternoon trading after the company said its shares have regained compliance with the Nasdaq exchange.
As GenomeWeb News reported this morning, Ciphergen said the exchange has allowed it to move its shares to its Capital Market from the National Market.
To remain listed on the Capital Market Ciphergen must, among other things, have a market capitalization greater than $35 million, the company said in a Securities and Exchange Commission filing today. Ciphergen’s market cap is currently around $48 million.
Ciphergen in July said that the Nasdaq notified it that it is subject to delisting from the National Market because its market cap had fallen below $50 million for 10 consecutive business days.
Its stock will trade on the Capital Market on Aug. 28 under the ticker symbol CIPH.
“By transferring from the Nasdaq Global Market to the Nasdaq Capital Market, Ciphergen satisfies the listing requirements” for the exchange, Ciphergen said in statement.
Ciphergen’s “continued listing on the Nasdaq Capital Market is subject to its successful completion of an application and review process,” the company said in the SEC filing.
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