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Orchid to Remain Listed on Nasdaq Until at Least June 24

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.

 

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