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Exact Sciences Gets Compliance Warning Letter from Nasdaq

NEW YORK (GenomeWeb News) – Exact Sciences today said that the Nasdaq's listing qualifications staff sent the firm a letter last week informing it that its stock currently does not meet certain listing requirements.

Specifically, Nasdaq said that Exact is not in compliance with requirements that it maintain a minimum $35 million in market value of its listed securities, or stockholders' equity of at least $2.5 million.

The Marlborough, Mass.-based molecular diagnostics firm had a market capitalization of around $21 million as of the close of the market on Friday. Its shares currently trade at $.77 per share.

Nasdaq has given Exact 90 days — through June 4 — to regain compliance with the exchange's rule. Exact can regain compliance if its common stock carries a minimum market value of $35 million for 10 consecutive business days, or its stockholders' equity is at least $2.5 million for the same period of time. If it fails to meet the requirement by June 4, Exact could receive a delisting notice from the exchange.

Exact said that it is exploring its options to regain compliance. It also noted that it may appeal the listing qualifications staff's determination, which would prevent a delisting while a listing qualifications panel considers the appeal.

Exact noted that it recently sold to Genzyme certain intellectual property assets related to the fields of prenatal and reproductive health in a deal that is expected to provide the firm with a cash infusion of $24.5 million.

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