NEW YORK (GenomeWeb) – Response Genetics may be delisted from the Nasdaq Capital Market after failing to comply with two requirements to remain listed, the firm disclosed in a document filed with the US Securities and Exchange Commission on Dec. 24.
The Los Angeles-based molecular diagnostics firm said in a Form 8-K that it received a delisting determination letter from Nasdaq on Dec. 19 because it was not in compliance with the minimum bid price of $1.00 requirement for continued listing. The letter also stated that the firm was not eligible for an extension to regain compliance because it did not meet the minimum $2.5 million in stockholders’ equity needed for continued listing.
The firm said it intended to appeal the delisting determination by the Dec. 26 deadline, which would stay a suspension of its securities until a hearing process is completed.
On Dec. 11, Nasdaq sent Response Genetics a letter stating that it did not meet a listing requirement calling for a minimum of $2.5 million stockholders' equity.
The firm said it expects its common stock to be traded on the Over-the-Counter Bulletin Board if it ceases to be listed on the Nasdaq Capital Market.