NEW YORK (GenomeWeb News) – Pressure BioSciences has been told by Nasdaq that it is once again in danger of having its stock delisted, the company disclosed in a document filed with the US Securities and Exchange Commission on Friday.
Pressure Bio said that on Oct. 4, Nasdaq provided written notice that the company failed to meet a listing requirement of at least $2.5 million in stockholders' equity. Nasdaq originally warned the company in April of the deficiency and possible delisting but in June the exchange extended the deadline to Oct. 3 for Pressure Bio to regain compliance.
In its SEC document, Pressure Bio said it intends to request a hearing with the Nasdaq Listing Qualifications Panel to review its determination letter received last week. Its stock will remain listing on Nasdaq until the panel renders a decision.
Pressure Bio added that it intends to present a plan to the panel at the hearing to regain compliance and to request that the panel allow the company additional time to regain compliance. The panel could give Pressure Bio 180 calendar days from Oct. 4 to do so, it said.
Pressure Bio also faces possible delisting from Nasdaq because it is not in compliance with another listing requirement that calls for a minimum bid price of $1 per share for 30 consecutive business day. The company has until Feb. 13, 2012 to regain compliance with that requirement.