NEW YORK (GenomeWeb) – CombiMatrix is facing a delisting of its stock from the Nasdaq for failing to meet the stock exchange's $1 minimum bid price, the molecular diagnostics firm disclosed last week in a filing with the US Securities and Exchange Commission.
According to the filing, CombiMatrix received a notice of Dec. 23 from the Nasdaq Listing Qualifications department indicating that it no longer meets the requirement based on the closing bid price for the previous 30 consecutive business days. The company has 180 calendar days in which to regain compliance, which requires its share to close at or above $1 for a minimum of 10 consecutive business days.
Should CombiMatrix fail to regain compliance, it may appeal the delisting determination with a Nasdaq hearing panel.
During early morning trading, shares of Irvine, California-based CombiMatrix were unchanged at $.82.