NEW YORK (GenomeWeb News) – The Nasdaq Stock Market has notified Nanogen that it may delist the company’s stock from the market due to failure to maintain a minimum bid price for 30 days, the company said Friday.
The notification has no effect on Nanogen’s stock currently, but if Nanogen’s shares do not trade at or above $1 per share for a period of 10 consecutive days in the next six months the firm will receive written notification from Nasdaq that its shares will be delisted.
The company’s stock has been trading under $1 steadily since mid-September and closed Friday at $.63 a share.
If Nanogen is delisted in May it may transfer to the Nasdaq Capital Market, at which time it will receive another 180 days to comply with the minimum bid rule.
Nanogen recently announced that it would shutter its microarray business, lay off around 20 percent of its staff, and realign the company behind its real-time PCR and point-of-care testing units.