NEW YORK, April 26 (GenomeWeb News) - The Nasdaq exchange has given Sequenom until June 15 to comply with its minimum closing bid price requirement and remain listed on the exchange.
On March 15, Sequenom missed its Nasdaq-imposed minimum requirement for continued listing after it failed to lift its shares above $1 for at least 10 consecutive trading days over the previous six months. As GenomeWeb News reported last September, the company had until that day to comply with the minimum bid requirement. The Nasdaq extended the date to June 15 after meeting with the companyApril 12.
"Obviously we are delighted with the Panel's consideration of Sequenom's position and the outcome of the hearing, and we look forward to our upcoming annual shareholder meeting," President and CEO Harry Stylli said in a statement.
Sequenom said it will be able to raise its shares above the minimum requirements if shareholders approve its plan to implement a reverse stock split, for which they will vote in the firm's annual shareholders' meeting May 31.
"Until Nasdaq renders a final determination that the Company has regained compliance with the $1.00 bid price requirement, there can be no assurances regarding the Company's continued listing on Nasdaq," Sequenom said in the statement.