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CombiMatrix Regains Nasdaq Compliance

NEW YORK (GenomeWeb News) – CombiMatrix today said that it has received notice from Nasdaq that it has regained full compliance with the exchange's minimum bid continued listing requirement.

The Irvine, Calif.-based molecular diagnostics developer was notified by Nasdaq in late June that it was not in compliance with the rule, which stipulates that a firm's shares must trade at $1 or above. If the bid price falls below this level for 30 consecutive business days it gets a warning that it could be delisted if its shares don't regain compliance within 180 calendar days.

Earlier this month CombiMatrix undertook a one-for-10 reverse stock split, which enabled the company to regain compliance.

Its shares were up 1 percent at $6.24 in early Thursday trade.