NEW YORK (GenomeWeb News) – Decode Genetics has received a letter from Nasdaq informing the firm that it currently does not comply with regulations regarding the market value of its stock.
The letter stated that for 10 consecutive trading days the market value of Decode's common stock has been below $50 million, the minimum level required for continued listing on the Nasdaq Global Market. The firm’s shares also do not comply with an alternative test set forth by a Nasdaq rule, which requires total assets and total revenue of $50 million each for the most recently completed fiscal year or two of the last three most recently completed fiscal years.
If Decode does not regain compliance by Oct. 30, Nasdaq said that its shares would be delisted. If the company fails to meet the requirements for continued listing on the Nasdaq Global Market, it will consider whether to apply to transfer its common stock to the Nasdaq Capital Market.
Decode’s shares closed Friday at $.33.