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Rosetta Genomics Receives Nasdaq Non-Compliance Letter

NEW YORK (GenomeWeb) – Rosetta Genomics said today that it has received notification that it is no longer in compliance with the Nasdaq's $1 minimum bid price requirement for continued listing.

According to Rosetta, it received a letter from the Nasdaq stating that the closing bid price of its shares have been below the exchange's required $1 level for the past 30 consecutive business days. The diagnostics firm said that its shares must trade at or above $1 for a minimum of 10 consecutive business days within a 180-day period ending on May 29 in order to regain compliance.

Rosetta added that it may receive an additional 180-day grace period if it meets the Nasdaq's other initial listing standards.

Earlier this year, Rosetta effected a 1-for-12 reverse stock split after failing to meet the Nasdaq's minimum bid price requirement. Last month, the company was notified that it no longer met the Nasdaq's stockholder equity listing requirement.

During morning trading, shares of Rosetta were down a fraction of a percent at $.72.