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Rosetta Regains Compliance with Nasdaq Listing Requirement

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Rosetta Genomics today said that it has regained compliance to continue listing on Nasdaq following recent moves to raise its stockholder equity.

The firm said after the close of the market Tuesday that the Nasdaq Listing Qualifications Staff has determined to continue listing the company's securities on the Nasdaq Capital Market.

Earlier in the day, Rosetta said in a document filed with the US Securities and Exchange Commission, that it believed it regained compliance based on a recent $6 million private placement and a concurrent registered offering, as well as the completion of an initial public offering by its Rosetta Green subsidiary, which raised $6.1 million in gross proceeds.

Nasdaq had informed Rosetta in December that because its stockholder equity had dipped below the minimum $2.5 million listing requirement, the company could face delisting action. The exchange gave Rosetta 45 days to submit a plan to regain compliance, and in early February, Nasdaq extended the compliance deadline.

The firm said that Nasdaq will continue to monitor its periodic reports to confirm the company's ongoing compliance with the stockholders' equity requirement.

Separately, Nasdaq said that Rosetta must regain compliance with the minimum $1.00 bid price requirement for continued listing on Nasdaq by Aug. 8, 2011, for a minimum of 10 consecutive business days.

Shares of Rosetta closed down 3 percent at $.55 on Tuesday.

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