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Exact Sciences Receives Nasdaq Delisting Notice; Plans to Appeal

NEW YORK (GenomeWeb News) – Exact Sciences has received notice from the Nasdaq Stock Market indicating that its stock is subject to delisting because it has not regained compliance with exchange’s requirement of a minimum $50 million market capitalization.
Exact said today that it received the letter from the Nasdaq’s Listing Qualifications Staff on Aug. 12.
In July, Nasdaq warned Exact that it was in danger of non-compliance with the market cap listing requirement. The company had until Aug. 11 to regain compliance by maintaining a minimum $50 million market value for at least 10 consecutive business days.
Exact’s market capitalization is currently $25 million.
In its Aug. 12 letter, Nasdaq said that Exact’s shares would be suspended at the opening of business on Aug. 21 unless the company requests a hearing before a Nasdaq Listing Qualifications Panel.
Exact said that it plans to request a hearing before the panel, “which will postpone any delisting action until the panel renders a decision subsequent to the hearing.”