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Sequenom Narrowly Misses Nasdaq Delisting Warning

NEW YORK, Sept. 20 (GenomeWeb News) - Sequenom narrowly missed receiving a delisting warning from the Nasdaq exchange after is share price closed above $1 last Friday.

 

Shares in the San Diegogenotyping and gene-expression tool company closed at $1.13 Sept. 17. If the stock closed below $1, as it had for the previous 29 trading days, Sequenom would have received a letter from the Nasdaq exchange warning it of its failure to meet minimum trading requirements---the first step in what could have become delisting proceedings.

 

The exchange typically sends its listed companies such letters if their shares trade below $1 for 30 consecutive trading days.

"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," a company spokesperson told GenomeWeb News last week. "That's the main plan, at the moment, to build demand for the stock."

 

Before Sept. 17, Sequenom shares last traded on or above $1 on Aug. 5. Had its shares not met the minimum trading criteria, the Nasdaq would have issued a letter giving Sequenom 90 days in which to comply. If the company failed to raise the price above $1 for 90 days after receiving the letter, and maintain a closing price above the threshold for 10 trading days, it would have been 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.

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