Skip to main content
Premium Trial:

Request an Annual Quote

Valentis Receives New Warning from Nasdaq

NEW YORK, April 7 - Valentis said that it received a Nasdaq staff determination letter on March 28 for not maintaining a sufficient number of independent members of its board of directors and for violating a shareholder approval requirement.

 

Nasdaq warned that the company did not comply with audit committee composition requirements, as described in rules 4350(c) and 4350(d)(2), which call for an audit committee of at least three independent members, at least one of whom has had past employment experience in finance or accounting.

 

The letter also stated that Valentis granted a stock option that did not comply with the shareholder approval requirement set forth in rule 4350(i)(1)(A), which requires shareholder approval when stock is acquired by officers or directors.

 

Valentis said that is has submitted a written response to Nasdaq stating its reasons for believing it is in compliance with the above-mentioned rules.

 

In August, Valentis received a warning that its market capitalization failed to comply with Nasdaq's $50 million minimum. The company avoided delisting in November with a restructuring plan that included a reverse stock split and a conversion of its Series A preferred stock to common stock.

The Scan

Genetic Tests Lead to Potential Prognostic Variants in Dutch Children With Dilated Cardiomyopathy

Researchers in Circulation: Genomic and Precision Medicine found that the presence of pathogenic or likely pathogenic variants was linked to increased risk of death and poorer outcomes in children with pediatric dilated cardiomyopathy.

Fragile X Syndrome Mutations Found With Comprehensive Testing Method

Researchers in Clinical Chemistry found fragile X syndrome expansions and other FMR1 mutations with ties to the intellectual disability condition using a long-range PCR and long-read sequencing approach.

Team Presents Strategy for Speedy Species Detection in Metagenomic Sequence Data

A computational approach presented in PLOS Computational Biology produced fewer false-positive species identifications in simulated and authentic metagenomic sequences.

Genetic Risk Factors for Hypertension Can Help Identify Those at Risk for Cardiovascular Disease

Genetically predicted high blood pressure risk is also associated with increased cardiovascular disease risk, a new JAMA Cardiology study says.