NEW YORK (GenomeWeb News) – CombiMatrix said after the close of the market Thursday that its board of directors has authorized management of the firm to voluntarily apply to have its stock transferred to the Nasdaq Capital Market from the Nasdaq Global Market.
The firm has decided to take this action rather than submit a plan to the exchange to regain compliance with Nasdaq Global Market listing requirements.
As reported last week on GenomeWeb Daily News, CombiMatrix received a notice from Nasdaq that it does not meet listing requirements and could be delisted from the Nasdaq Global Market. Specifically, Nasdaq said that CombiMatrix's stock equity is below the minimum listing requirement of $10 million.
The Nasdaq Capital Market has a minimum listing requirement of $2.5 million in stock equity. As of the end of its third quarter, Sept. 30, the company had $9.3 million in shareholders' equity.
CombiMatrix said that its management intends to submit the listing transfer application within the next week.