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Nasdaq Warns CombiMatrix of Failure to Meet Listing Requirement

NEW YORK (GenomeWeb News) – CombiMatrix has been warned by Nasdaq that it doesn't meet a requirement to remain being listed on the exchange, the Irvine, Calif.-based firm said after the close of the market on Friday.

CombiMatrix said that it received a notification dated June 26 from the Listing Qualifications department of Nasdaq telling the company that it was in violation of a listing requirement calling for a minimum bid of $1 per share, "based upon the closing bid price for the last 30 consecutive business days."

CombiMatrix has 180 calendar days to regain compliance. If during that time the firm's stock closes at or above $1 per share for at least 10 consecutive business days, Nasdaq will provide the company with written confirmation of compliance and the matter will be closed.

If the company does not regain compliance during the 180 days, Nasdaq will provide written notification that it is subject to delisting action. CombiMatrix would be able to appeal the delisting determination.

Also, if CombiMatrix fails to regain compliance with the $1 minimum bid rule, but meets other listing requirements — including a minimum market value requirement — and provides written notice that it plans to resolve the minimum bid issue with a reverse stock split, if necessary, it will be given an additional 180 days to regain compliance.

At the close of the market on Friday, shares of CombiMatrix were down 19 percent to $.85.

In late 2010 when CombiMatrix's stock was trading on the Nasdaq Global Market, it was warned that it was in violation of a listing requirement calling for a minimum of $10 million in stock equity. The company transferred to the Nasdaq Capital Market, which has a stock equity listing requirement of $2.5 million, in response.

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