NEW YORK (GenomeWeb News) – Helicos BioSciences said in a US Securities and Exchange Commission filing Friday that it has received another notice from Nasdaq warning the company that its shares will be delisted as of the opening of business on Oct. 21, unless an appeal is filed.
The firm said that it received the delisting notice on Oct. 12, and that it intends to appeal the decision "within seven calendar days of receipt of the letter." The appeal would stay the suspension of Helicos' securities until a hearing process is completed and the Nasdaq hearings panel issues a written decision.
The latest letter from Nasdaq said that Helicos' shares would be delisted because they had failed to meet the market's minimum bid requirement for continued listing.
Helicos also had received a letter from Nasdaq in July stating that the firm's market capitalization had fallen below $50 million for 30 consecutive business days and that the company otherwise did not satisfy Nasdaq's listing requirements. As a result, Helicos was given 180 calendar days, or until Dec. 27, to regain compliance or risk being delisted.
The firm announced last week that Ivan Trifunovich has been named CEO and president, succeeding Ron Lowy, who had been serving in the post as acting CEO since September. Lowy will return to his role as a board member.
Trifunovich was named executive chairman of the board in September, when Helicos announced that Chairman Stanley Lapidus had stepped down from his post but would remain a member of the board of directors.