NEW YORK, Sept. 15 (GenomeWeb News) - Sequenom risks receiving a letter from the Nasdaq exchange warning the company of possible delisting if it fails to close above $1 by the end of the trading day on Sept. 17.
"There seems to be a threshold out there in the market place that is keeping us from closing above $1," said a Sequenom spokesperson. "We've hit above $1 a few times in the past week or so, but we haven't been able to close above $1."
The company also closed at $.99 on Sept. 14. The last time the company's stock closed above $1 was Aug. 5.
"Certainly we're making every effort to get the price above $1: increasing newsflow, meeting with the investment community to find some new buyers for stock, and fill some of the holes that have been created. That's the main plan, at the moment, to build demand for the stock," the spokesperson told GenomeWeb News.
If Sequenom fails to raise its share price above the $1 mark 90 days after receiving the letter, and maintain a closing price above the threshold for 10 trading days, it will be downgraded to the Nasdaq small-capitalization market. After that step, Sequenom would have to go through the same process, starting with closing above $1 in a 30-day period. Should it fail the second cycle, the company risks the delisting of its stock to the over-the-counter market.