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Transgenomic Receives Nasdaq Delisting Warning; Has Until Sept. 27 to Raise Share Price Above $1

NEW YORK, April 5 (GenomeWeb News) - Transgenomic has until Sept. 27 to lift its shares above $1 or risk being delisted from the Nasdaq exchange, the company said in an SEC filing yesterday.

 

The news prompted shares in Transgenomic to tumble 13.46 percent, or $.07, to $.45 in mid-afternoon trading.

 

As GenomeWeb News reported this week, shares in Transgenomic have closed below $1 for 30 consecutive trading days, which is the Nasdaq's minimum price threshold for continued listing.

 

According to the SEC filing, Transgenomic received a letter from the exchange on March 31 stating that for "the last 30 days the bid price of [Transgenomic's] common stock has closed below the minimum $1.00 per share requirement for continued inclusion under Marketplace Rule 4450(a)(5).

 

"In accordance with Marketplace Rule 4450(e)(2), Registrant will be provided 180 calendar days, or until September 27, 2005, to regain compliance," according to the filing.

 

Transgenomic said it "has not determined an action or response to the notice as of the time of this filing."

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