NEW YORK (GenomeWeb News) – Vermillion disclosed today a settlement agreement that will provide the company with $1 million.
It also said that its stock has been moved to the Nasdaq Capital Market effective Feb. 15.
In a document filed with the US Securities and Exchange Commission, the Austin, Texas-based molecular diagnostics firm said it has settled with an unnamed third party over Vermillion's losses on short- and long-term investments in previous years.
As a result, Vermillion will be paid a total of $1 million, with $535,000 payable on or before March 1 and $465,000 payable on or before Sept. 1. Vermillion said it expects to receive about 70 percent of the settlement amount, after legal and related costs.
The company also said in its SEC document that the Nasdaq Listing Qualifications Staff granted its request to transfer its listing to the Nasdaq Capital Market from the Nasdaq Global Market.
The Capital Market has lower listing requirements, such as a minimum of $2.5 million in stockholder equity for continued listing, compared to $10 million for the Global Market. Vermillion asked for the transfer in order to comply with requirements for continued listing on Nasdaq, it said.