NEW YORK (GenomeWeb News) – Transgenomic has asked the Nasdaq exchange to transfer its stock from the Global Market to the Capital Market in a bid to win time and regain compliance, according to documents filed with the Securities and Exchange Commission yesterday.
Transgenomic’s common stock does not meet Nasdaq's minimum $1 per share bid price to remain listed on the Global Market, the filing said.
The company had received notice from Nasdaq's Listing Qualifications Department on Feb. 15 saying it was in violation of its listing standards. Transgenomic had 180 days, or until Aug. 14, to regain compliance.
By moving to the Capital Market, Transgenomic would receive an additional 180 day grace period to increase its share price to satisfy the price requirement.
Nasdaq is expected to make a decision within two weeks, the filing said. Until the decision is announced, Transgenomic will continue to be listed on the Global Market.