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Proteomics Firm Power3 Delisted from OTC Board for Failure to File Annual Report

NEW YORK. June 16 (GenomeWeb News) - Nasdaq has notified proteomics firm Power3 Medical Products that its common stock will be delisted from the Over-the-Counter Bulletin Board effective today.

 

Power3 said it received the notice because it failed to file its annual report on Form 10-K for the period ended Dec. 31, 2004, thereby violating SEC rules that "require a company to be current and complete with its reporting obligations,"

 

The company said that it had appealed the delisting, but a NASD panel issued a final ruling on Tuesday that Power3 "had not met the applicable listing qualification standards set forth in the OTC Bulletin Board rules."

 

Power3 said that NASD's Listing and Hearing Review Council "may, on its own motion, determine to review the Panel's decision within 45 calendar days after issuance of the written decision." The company said it intends to submit a request that the council review the decision, but noted that the move "should not be interpreted as a stay of delisting."

 

In the interim, Power3's common stock may be registered on the Pink Sheets Electronic Quotation Service. "However, such registration can be made only by an SEC-registered broker/dealer and is outside of the company's control," Power3 said.

 

"Consequently, there may be no trading market available for, or liquidity of, Power3 securities," the company noted.

 

Power3 added that it "believes it has resolved the previous accounting issue regarding the presentation of a predecessor's audited financial statements for the year 2003," and that it expects to file its Form 10-KSB for calendar 2004 by the end of June.

 

Once it submits the form, the firm said it plans to "immediately" file a Form 211 with Nasdaq, reapplying for a relisting of its stock on the OTCBB.

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