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Transgenomic Booted From Nasdaq Capital Market for Failing Listing Requirements

NEW YORK (GenomeWeb News) — Transgenomic shares will stop trading on the Nasdaq Capital Market before the opening of business tomorrow for failing to maintain minimum listing requirements, the company said today.
 
The Capital Market notified the company on Feb. 13 that its stock would be delisted for failing to maintain a minimum share price of $1.00. The company said it does not plan to appeal.
 
Last February the Nasdaq Global Market said Transgenomic had failed to maintain the same requirement and said its stock would be delisted if it did meet that requirement in six months.
 
Two months later the company’s then-CEO Collin D’Silva resigned. Last month D’Silva relinquished his seat on the company’s board of directors. Both resignations drove share prices down further.
 
In August 2006 the company’s stock was transferred to the Nasdaq Capital market, which gave the company more time to comply. The Capital Market maintains the same $1.00 minimum bid requirement as the Global Market.
 
During that time Transgenomic reported that third-quarter revenue tumbled 26 percent, prompting the company to say it was working with consultants to find ways to maximize long-and short-term shareholder value.
 
In late December Transgenomic said it would close the sale of around $940,000 in stock in a third party sale on Feb. 28.

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