NEW YORK (GenomeWeb News) – Decode Genetics said last night that it has received a letter from the Nasdaq that effectively stays delisting of the firm's stock from the Nasdaq Capital Market, which could have occurred tomorrow.
The Nasdaq Listing and Hearing Review Council called for a review of an April 22 determination of the Nasdaq Listing Qualifications Panel that it would have delisted Decode's shares on April 30.
The firm's shares will continue to trade on the Nasdaq Capital Market during the review period. Decode did not provide an estimate of how long the review would take.
Decode's shares have been under threat of delisting for several months. The cash-strapped firm said in December that it was conducting a review of its business strategy with a goal of sharpening its business focus and selling non-core assets, among other aims.