NEW YORK (GenomeWeb News) – BG Medicine has been warned by Nasdaq that it fails to meet a requirement to remain listed on the Nasdaq Capital Market, the company said in a document filed last week with the US Securities and Exchange Commission.
In a November 20 letter from Nasdaq, BG Medicine was told that it did not meet the minimum $2.5 million in stockholders' equity required for listing on the exchange, putting the company at risk of being delisted. For the period ended Sept. 30, 2014, BG Medicine reported stockholders' equity of $1.7 million.
BG Medicine has until Jan. 4, 2015 to submit a plan to regain compliance with the listing rule. If Nasdaq accepts this plan, the company may then be granted until May 19, 2015 to regain compliance.
As it previously disclosed in September, the firm also is in danger of being delisted from Nasdaq for not being in compliance with a listing requirement calling for a minimum $1 closing bid price on its stock for 30 consecutive business days. It has until March 4, 2015 to regain compliance with that rule.