NEW YORK (GenomeWeb News) – Vermillion said after the close of the market today that it has received a letter of non-compliance from the Nasdaq Stock Market indicating that the firm is not in compliance with listing requirements.
The firm said that it is not in compliance with Marketplace Rule 4310(c)(3), which requires firms to have a minimum of $2.5 million in stockholders’ equity; $35 million in market value of listed securities; or $500,000 of net income from continuing operations for the most recently completed fiscal year or two of the three most recently completed fiscal years. Vermillion currently does not meet the second of those listing requirements.
Vermillion's market capitalization was $27.9 million as of market close today.
The Fremont, Calif.-based company said that it has been given until March 24, 2008, to regain compliance. If prior to that time the market value of its listed securities rises to $35 million or more for a minimum of 10 consecutive business days, Nasdaq may determine the company is in compliance with listing requirements.
If Vermillion does not regain compliance by March 24, Nasdaq will provide the firm with a notice that its securities are subject to delisting.