NEW YORK (GenomeWeb News) — The Nasdaq exchange has notified Tripos that its stock faces delisting because the company failed to maintain a $10-million minimum equity requirement in 2006, Tripos said yesterday.
The notice comes around three months after the Nasdaq notified Tripos it faced delisting for failing to maintain a minimum bid price of $1 per share, and for failing to maintain the minimum market cap of $5 million.
Yesterday, Tripos said the exchange has given it until May 3 to propose a “specific plan to achieve and sustain compliance” with all of its listing requirements and “indicate a time frame to resolve the listing deficiency.”
Tripos said it is “currently engaged in efforts to sell its Discovery Research business” and expects a deal to go through “in the very near future.” Tripos said it will ask Nasdaq Global Market to delist its stock once the sale closes.
The company also said it does not yet know if the money it took in from the sale of its Discovery Informatics business will be enough to regain compliance.
If the company fails to regain compliance before May 3 it said it will ask Nasdaq what steps it may take to avoid being delisted, including a deferral of Nasdaq actions until the company can unload its Discovery Research business.