NEW YORK (GenomeWeb News) – Rosetta Genomics today said that the Nasdaq Listing Qualifications Staff has granted the firm an extension to regain compliance with a rule that mandates firms must have at least $2.5 million in stockholder equity in order to be listed on the Nasdaq Capital Market.
The firm said in December that Nasdaq had informed it that it fell short of this listing requirement and could face delisting.
Rosetta said that it must achieve certain milestones toward regaining compliance by Feb. 28 and April 29, respectively, and ultimately demonstrate full compliance with the rule.
While the firm has been granted an extension to come into compliance with that rule, Rosetta also said that it was notified yesterday by Nasdaq that it is not in compliance with another rule. The firm's shares have closed below the minimum $1 per share threshold set for listing on the market for the prior 30 business days. Rosetta has through Aug. 8 to regain compliance with this requirement.
In order to comply with the regulation, Rosetta's shares must have a closing bid price of at least $1 for a minimum of 10 consecutive business days before Aug. 8.
In early Tuesday trade, shares of Rosetta were unchanged at $.83 per share.