NEW YORK (GenomeWeb News) – Decode Genetics said today that it has received a delisting notice from Nasdaq following the firm's announcement last week that it has filed for Chapter 11 bankruptcy protection.
Nasdaq informed Decode that it will suspend trading in the company’s common stock as of Nov. 30, 2009, and that it will file a Form 25-NSE with the US Securities and Exchange Commission to remove Decode's common stock from listing on Nasdaq, unless the company files an appeal to the Nasdaq Listing Qualifications Panel.
Decode said that it has filed such an appeal, which will stay the suspension and delisting through the conclusion of the appeals process, but warned that there is no guarantee that the appeal will succeed.
The notice from Nasdaq is pursuant to Decode's announcement on Nov. 17 that it had filed a voluntary petition for reorganization under Chapter 11 of the US Bankruptcy Code, and also noted that Decode is out of compliance with regulations because it failed to file its quarterly financial report for the third quarter of 2009.
Earlier today, Decode said that the US Bankruptcy Court for the District of Delaware has approved "first day" motions for the firm's petition for bankruptcy protection, thus allowing allowed the firm to continue operating during the Chapter 11 proceedings.