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Nasdaq Extends Deadline for CombiMatrix to Meet Listing Requirement

NEW YORK (GenomeWeb News) – Nasdaq has granted CombiMatrix an extension to provide evidence that it is in compliance with a listing requirement, the company said in a regulatory document on Thursday.

In a filing with the US Securities and Exchange Commission, CombiMatrix said that Nasdaq has given it until Aug. 20 to provide evidence in its Form 10-Q for the second quarter ending June 30 that it complies with a rule calling for at least $2.5 million in stockholders' equity in order to remain listed on the exchange.

Nasdaq notified CombiMatrix it was not in compliance with the listing requirement in March and gave the firm until April 25 to submit a plan to regain compliance. The Irvine, Calif.-based firm submitted its plan and on May 22 it received notification from Nasdaq of the extension, it said.

If it fails to provide evidence, CombiMatrix could be subject to delisting. If notified by Nasdaq of such action, the company could appeal Nasdaq's determination to a listing qualifications panel.

According to CombiMatrix's Form 10-Q for the first quarter, as of March 31 it had stockholder equity totaling $2.1 million, up from a deficit of $1.1 million as of Dec. 31, 2012.