NEW YORK (GenomeWeb News) – Transgenomic yesterday said that the Nasdaq Exchange has given the company an additional 180 calendar days, or until Feb. 12, 2007, to regain compliance with its minimum $1 bid requirement.
As GenomeWeb News reported Aug. 2, Transgenomic 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. Moving to the new market would give the company an additional 180 days to lift its shares above the $1 bid minimum.
The Nasdaq approved the move Aug. 7 and Transgenomic's common stock began trading on the Nasdaq Capital Market Aug. 10.
Like the Global Market, the Capital Market has a $1 minimum bid requirement, and for the company to regain compliance its common stock must close at or above $1 per share for at least 10 consecutive business days.
The Nasdaq's Listing Qualifications Department on Feb. 15 had originally informed Transgenomic that it was in violation of its listing standards and gave the company 180 days, or until Aug. 14, to regain compliance.
Transgenomic’s stock closed at $.47 on Aug. 14. The last time the company’s stock closed at or above $1 was Feb. 14.