NEW YORK, March 31 (GenomeWeb News) - Transgenomic may receive a letter from the Nasdaq exchange today warning the firm that it may delist the company because its stock has closed below $1 per share for 30 consecutive trading days.
Shares in Transgenomic were flat at $.55 in mid-afternoon trading. The stock last closed above $1 on Feb. 14 when it reached $1.04.
According to Nasdaq rules, if Transgenomic receives such a warning letter the company will have 90 days to bring its share price above the $1 threshold, and keep it above that point for 10 days, or risk being downgraded to the small-capitalization Nasdaq market.
Officials from Transgenomic did not return a telephon calls seeking comment because the company is in a quiet period ahead of its fourth-quarter earning release and conference call, scheduled to take place at 5:00 p.m EST today.