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Nanosphere Gets Deficiency Letter from Nasdaq

NEW YORK (GenomeWeb) – Molecular diagnostics developer Nanosphere disclosed in an 8-K filing with the US Securities and Exchange Commission after the close of the market Friday that it has received a deficiency letter from Nasdaq warning the company's stock could be delisted.

The exchange's listing qualifications department notified Nanosphere that its common stock price has closed under the minimum required closing bid price of $1.00 per share for 30 consecutive business days. In accordance with the Nasdaq's rules, the company has 180 calendar days — until July 25 — to regain compliance. If Nanosphere manages to maintain a closing price of at least $1.00 for 10 consecutive business days before July 25, the company said, it will no longer be in danger of delisting.

Nanosphere must also submit a plan to the Nasdaq detailing its strategies for regaining compliance by July 25, according to the filing. It can also request an additional 180 days to submit its plan.

"The company is currently evaluating various alternative courses of action to regain compliance with the minimum bid price rule," the company said in its filing. "However, there can be no assurance that the company will regain compliance or maintain the listing of its common stock on the Nasdaq Capital Market."

Nanosphere could also appeal a delisting, but there would be no guarantee of success, it added.

Nasdaq had notified the company in September 2014 that it was in non-compliance with the same listing requirement. Nanosphere subsequently moved its stock from the Nasdaq Global Market to the Nasdaq Capital Market, which has lower listing requirements.

The company's shares closed Friday at $.72 cents.