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Suspension of Nasdaq Minimum Bid Price Buys Nanogen More Time for Compliance

NEW YORK (GenomeWeb News) – Due to a recent suspension by Nasdaq of certain listing requirements, Nanogen now has until Feb. 26, 2009, to gain compliance with the exchange’s $1 minimum bid rule, the firm said in a filing with the US Securities and Exchange Commission yesterday.
 
Nasdaq suspended the rule for all listed companies through Jan. 16, 2009. The suspension provides Nanogen with roughly three additional months to meet the minimum bid requirement, which requires its stock close at a price of at least $1 for a minimum of 10 consecutive trading days.
 
Nanogen was notified in May that it was not in compliance with the minimum bid rule, and the firm had until the end of November to regain compliance. It was the second time that the firm had been notified that it was not in compliance with the requirement, and the firm responded by transferring its stock from the Nasdaq Global Market to the Nasdaq Capital Market.
 

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