NEW YORK, Sept. 12 - Lynx Therapeutics yesterday likely received a warning letter from the Nasdaq exchange for failing to keep its share price above $1 for 30 consecutive days.
Lynx shares closed at $.46 on Tuesday, making it 30 consecutive trading days the stock has been below $1 since it slid to $.96 on July 30. If in fact Lynx received the letter the company became the third Genome Technology Index firm to get one.
Genomic Solutions, which received its warning on June 14, was acquired within one month by Harvard Bioscience. The second company, InforMax, likely received a Nasdaq letter on or around Aug. 5, which marked the thirtieth consecutive day the company's stock traded below $1.
Shares in Lynx closed at $.46 yesterday.
Companies that receive a warning letter typically have 90 days to get their share price trading above that minimum price or risk being delisted to the over-the-counter market.
According to Burrill & Company, Lynx "shed the highest percentage" of its value during August. The "beleaguered" company's stock fell 54 percent between July and August, Burrill reported.
Officials at Lynx, based in Hayward, Calif., were not available for comment at deadline this morning. Nasdaq officials are barred from discussing companies traded on the exchange.