NEW YORK, Sept. 18 - Genomic Solutions today said it will appeal a decision by the Nasdaq exchange to delist the company's stock.
The Nasdaq informed Genomic Solutions of its intent on Sept. 12 after the company failed over 90 calendar days to raise its share price above $1. The letter followed a warning the exchange sent the company in mid-June for failing to keep its share price above $1 for 30 consecutive trading days.
Genomics solutions, which received the delisting notification on Sept. 12 but disclosed the news after the markets closed today, said it has requested a hearing before the Nasdaq Listing Qualifications Panel. A date for the appeal has not yet been set.
Steven Richvalsky, Genomic Solutions' CFO, was unavailable for comment. A company statement stressed that an appeal does not guarantee it will continue listing on the exchange.
Shares in Genomic Solutions closed down $.24 to $.47 today.
The company is set to be acquired by Harvard Bioscience in the fourth quarter. It was not immediately clear whether a delisting would affect the planned acquisition.