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Tripos Faces Delisting From Nasdaq for Low Share Price, Market Cap

NEW YORK (GenomeWeb News) — Tripos today said it is in jeopardy of being delisted from the Nasdaq exchange for not maintaining the minimum market cap and minimum share bid price for 30 consecutive days.
The company said it has 90 days to regain market-cap compliance and 180 days to regain share-price compliance or it will be delisted from the market.

To regain compliance the company must have more than $5 million in publicly traded outstanding shares, not including those held by directors or corporate officers, for at least 10 consecutive days before April 4.
In order to regain share-price requirements, the company’s stock price must close at $1 per share or more for a minimum of 10 consecutive business days before July 3.
Tripos said it is “evaluating its alternatives” to resolve the matter. If it is unable to do so the company said it may transfer its common stock to the Nasdaq Capital Market, at which point Nasdaq would stop the proceedings to delist the company.
Tripos’ stock was down 6 percent at $.73 a share in mid-afternoon trading today.
The company has been seeking buyers for its segments in efforts to liquidate its assets and allow those branches to operate as private enterprises. In November it said it would sell its Discovery Informatics business to the San Francisco-based Vector Capital at some point in the first quarter of 2007. On Jan. 3 it said it would sell its Discovery Research business to Provid Pharmaceuticals.

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