NEW YORK (GenomeWeb News) — The Nasdaq exchange has told Tripos that it will delist its shares from the Global Market on May 30 because it is not in compliance with market rules, Tripos said yesterday.
Tripos said it received a letter from the Nasdaq saying the company has failed to maintain the minimum $10 million stockholder equity that the Global Market requires, and because it failed to file its 10-Q quarterly report for the period ended March 31.
Tripos said it is in the process of compiling its financial results for the first quarter and will submit them “as soon as is practicable.”
Tripos is in the process of liquidating, and when the sale of its Discovery Research business is final it will become a shell company and will seek to be delisted from the Nasdaq Global Market.
Tripos this month agreed to sell its Discovery Research segment to Commonwealth Biotechnologies for $2.15 million, and in March sold its Discovery Informatics business to Vector Capital for $26 million.
Nasdaq notified Tripos in April that its stock faced delisting. Nasdaq said it would file with the US Securities and Exchange Commission to have the company’s stock removed at the opening of business on May 30 unless the company requests a hearing before a Listing Qualifications Panel before 4 p.m. today, which Tripos said it plans to do.
For the time being, Tripos said it expects but cannot guarantee that its stock will remain listed on the Global Market.
The company said it may seek to list its stock on the OTC Bulletin Board if it ceases to trade on the Global Market. Should that move fail, Tripos said it will close its stock transfer books.