The exchange found the company had been delinquent in its obligation to maintain a stock price above $1, as per Marketplace Rule 4310(c)(4), the document said.
The determination allows the company to appeal the staff's decision, but Icoria will not seek a relisting due to the distraction it would cause during the company's expansion efforts, and due to the long delinquency period, the company said. Icoria's stock has been trading below $1 since May 2004.
As GenomeWeb News reported last month, Icoria CEO Heinrich Gugger resigned, a move announced less than two months after the company sold its agricultural genomics assets for $6.8 million to Monsanto to focus its energy on biomarker discovery.
Icoria changed its name from Paradigm Genetics in August 2004.