NEW YORK, Aug. 28 - Valentis today said the Nasdaq exchange has threatened to delist its stock for failing to hold its market capitalization above $50 million.
Valentis said it received a letter from the Nasdaq on Aug. 22 that said the stock will be delisted from the exchange on Aug. 30 unless the company requests an appeal hearing.Valentis said it requested a hearing and will appear before a Nasdaq listing-qualifications panel to discuss how it plans to set itself straight. The meeting will likely take place within 45 days.
The company, maker of the GeneMedicine and GeneSwitch DNA vaccine platforms, stressed that obtaining a hearing does not guarantee a stay of delisting.
Shares in Valentis closed down $.14 at $.60 yesterday. Valentis' market cap is $21.0 million.