NEW YORK, March 22 (GenomeWeb News) - As expected, the Nasdaq exchange has notified Sequenom that its common stock is now subject to delisting due to its noncompliance with the exchange's $1.00 minimum closing bid price requirement, the company said today.
The notice comes less than a week after Sequenom was unable to meet its Nasdaq-imposed minimum requirement for continued listing when it failed to lift its shares above $1 for at least 10 consecutive trading days over the past six months.
Sequenom said that it plans to request a hearing before the Nasdaq Listing Qualifications Panel to review the determination to delist its common stock and to seek continued listing of its common stock on Nasdaq. The hearing is expected to be scheduled within 30 to 45 days of the request, Sequenom said. Sequenom will remain listed on the exchange during the appeal process.
As GenomeWeb News reported last September, the company had until March 15 to comply with the minimum bid requirement.