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stock delisting

The company withdrew its appeal to the Nasdaq after determining its finances and near-term business prospects would make it unlikely that it could meet listing requirements.

The firm's shares will be delisted later this week, unless Helicos files an appeal.

The genetic test developer has moved its stock to the OTCQB, a new trading service run by Pink OTC Markets that is an alternative to the OTCBB.

The company plans to ask for a hearing with the Listing Qualifications Panel of the NYSE Amex in order to fight off possible delisting of its stock from the exchange.

The company's stock began trading on the Nasdaq this morning. It had traded on the Pink Sheets since being delisted in 2008.

The genetic-test maker plans to appeal the decision, which will stay the delisting.

The firm's shares currently do not meet the Nasdaq Stock Market's minimum bid price requirement.

The genetic test maker received an extension to June 23 from the exchange to regain compliance with listing requirements.

The company's common stock is now traded on the Over-The-Counter Bulletin Board.

The firm came under threat of delisting after filing for Chapter 11 bankruptcy protection.


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