NEW YORK (GenomeWeb News) – Decode Genetics has received another letter from the Nasdaq Stock Exchange notifying the firm that for 30 consecutive business days the market value of its publicly traded common stock was below $15 million, which is the minimum level required for continued listing on the Nasdaq Global Market.
Decode, which filed for Chapter 11 bankruptcy protection last month, said Wednesday that Nasdaq informed the firm that it has 90 calendar days to regain compliance. Its shares must have a market value of at least $15 million for 10 consecutive business days in order to meet the exchange's regulations.
Decode received a delisting notice last month from Nasdaq after it filed for bankruptcy protection. The firm said in a filing with the US Securities and Exchange Commission this week that it has appealed the suspension and expects Nasdaq to make a decision on the appeal next month.