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Orchid Cellmark Receives Second Nasdaq Delisting Notice for Missed Filing Deadline

NEW YORK, May 23 (GenomeWeb News) - Orchid Cellmark said yesterday that it received a delisting notice from Nasdaq on May 16 because it did not file its quarterly report for the period ended March 31 on time.

 

The May 16 notice is the second that the company has received from Nasdaq regarding missed filing deadlines, and the company noted in a statement that it expected the second notice, which "did not result in an immediate delisting of the company's common stock."

 

Orchid Cellmark received a delisting notice from Nasdaq on April 3 because it did not file its annual report for the year ended Dec. 31, 2005, on time.

 

The company said in March that it would have to delay the filing of its full-year 2005 earnings report due to audit requirements associated with the Sarbanes-Oxley Act of 2002.

 

Orchid said that it submitted a request for the Nasdaq Listing Qualifications Panel to consider its continued listing and that it informed the panel at a hearing held April 27 that it did not expect to file its quarterly report within the required timeframe.

 

The outcome of the hearing is pending, Orchid said, "and there can be no assurance that the panel will grant the company's request for continued listing."

 

Orchid said that it expects to file its annual report "early this week," and that it will file its quarterly report "as soon as possible."

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