NEW YORK, March 28 - Nasdaq will continue to list Orchid Biosciences' common stock through June 24, the company said today.
Orchid received a delisting warning notice from Nasdaq on Jan. 3 after trading below $1.00, the minimum bid price required for continued listing on the exchange, for several months.The company appealed and a hearing before a Nasdaq listing qualifications panel was held in February.
Last week, Orchid said that Nasdaq had given it permission to go ahead with a private financing of $16 million without seeking shareholders' approval, which the company is hoping to close within the next few days.
Orchid is also seeking shareholder approval for a reverse stock split at a special shareholder meeting scheduled for April 15.
For further information, see the company statement.