NEW YORK, June 28 (GenomeWeb News) - Sequenom has received a letter from Nasdaq's Listing Qualifications Panel stating that it is now compliant with the minimum bid price requirement for continued listing on the Nasdaq National Market, Sequenom said today.
The panel has also granted Sequenom an exception until August 15 to file its 10-Q with the Securities and Exchange Commission for the quarter ending June 30, 2006, evidencing shareholders' equity of at least $10 million, the company said.
According to Sequenom, the panel also acknowledged that the company met the requirement based on net proceeds from its $33 million stock placement last month.
In May, the firm received a letter from Nasdaq notifying it that it was not compliant with the stockholder equity listing requirement. Sequenom subsequently implemented a reverse stock split in an effort to regain Nasdaq compliance, along with the private stock sale.