NEW YORK (GenomeWeb News) – Exact Sciences has been notified by the Nasdaq Listing Qualifications Panel that its stock will be transferred to the Nasdaq Capital Market from the Nasdaq Global Market beginning with the opening of trade on Friday, Nov. 28.
Though it is being transferred to the Nasdaq Capital Market, Exact Sciences said today that it currently does not meet listing requirements for that market. The Nasdaq panel agreed to list the shares on the Capital Market on a conditional basis while it conducts a review of information that it requested from Exact Sciences regarding the firm’s plans for regaining compliance with the listing requirements.
In August, Exact Sciences was notified by Nasdaq 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 Sciences said that the panel may complete its review of the supplemental information in early December. The firm also noted that it cannot assure that the panel will continue the conditional listing of its shares on the Capital Market following the review.
Shares of Exact Sciences were down 5 percent at $.35 in early Wednesday trade.