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CombiMatrix Falls Short of Nasdaq Listing Rule Related to Stockholders' Equity

NEW YORK (GenomeWeb News) – Nasdaq issued a warning to CombiMatrix on Monday telling the company it is not in compliance with a listing requirement calling for a minimum $2.5 million in stockholders' equity.

In February, as part of its fourth-quarter earnings results, CombiMatrix reported stockholders' equity of minus-$1.1 million. If a firm does not meet the $2.5 million minimum requirement, it must fulfill "one of the alternative standards of market value of listed securities or net income from continuing operations," CombiMatrix said in a filing with the US Securities and Exchange Commission after the close of the market Monday.

The Irvine, Calif.-based company has until April 25 to submit to Nasdaq a plan to regain compliance. If Nasdaq accepts the plan, it may give CombiMatrix an additional 180 days from the date of the notice to provide evidence that it is in compliance with the listing requirement. Otherwise, if the exchange rejects the plan, CombiMatrix can appeal any delisting decision to a Nasdaq Listings Qualifications Panel.

The firm said it is evaluating "various alternative courses of action to regain compliance" and it anticipates submitting a plan with Nasdaq by the April 25 deadline to maintain its Nasdaq listing.

The notice of non-compliance from Nasdaq is the second since the summer for CombiMatrix. In late June it was told that it fell short of a rule calling for a minimum bid of $1 per share, but in December it regained full compliance with that requirement.

The same month, the company raised $2.5 million in a private placement, and shareholders approved a one-for-10 reverse stock split to bring it in compliance with the $1 minimum bid listing rule.

At the end of February, CombiMatrix reported that its revenues in the fourth quarter increased 25 percent year over year but its net loss widened.

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