NEW YORK (GenomeWeb News) – Vermillion said today that a Nasdaq Listing Qualifications Panel has determined the firm’s stock could continue trading on the Nasdaq Capital Market, subject to compliance with a rule governing stockholders’ equity by Sept. 22.
According to the Fremont, Calif.-based firm, it is required to maintain stockholders’ equity of at least $2.5 million or comply with one of the alternative listing criteria. Vermillion said that it plans to comply with the panel’s conditions for continued listing on the market, but “there can be no assurance that the company will be able to do so.”
Vermillion received a letter from Nasdaq on March 25, which said that the firm was not in compliance with a rule that stipulates companies’ securities must have a market value of at least $35 million to retain listing on the exchange. The letter was the second one sent to Vermillion over a two-month perioid that cautioned the firm was not in compliance with that rule.
The rule is one of the alternative listing criteria to the stockholders’ equity rule.