NEW YORK (GenomeWeb News) – Nanogen said in a filing with the US Securities and Exchange Commission today that it now has until May 27 to regain compliance with Nasdaq's $1 minimum bid price listing requirement.
Nanogen was notified in May 2008 that it was not in compliance with the minimum bid rule, and the firm had until the end of November to regain compliance. However, in October, due to the suspension by Nasdaq of certain listing requirements, Nanogen was given until Feb. 26 to regain compliance.
On Dec. 19, 2008, Nasdaq extended the temporary suspension of the minimum bid price requirement until April 20, 2009, on which date the rules will be reinstated. This extension means that Nanogen will now have until May 27 to regain compliance. The firm's share price must close at $1 for a minimum of 10 consecutive trading days for it to meet listing requirements.
Nanogen closed Tuesday at $.18 per share. Its shares have not traded above $1 since Oct. 30, 2007.