Nasdaq

Nasdaq told the firm on Tuesday that its shares failed to maintain a minimum bid price of $1 per share for at least 30 consecutive trading days.

The firm said today that it received a notice that it is out of compliance with a rule requiring timely filings with the US Securities and Exchange Commission.

The firm does not meet a listing requirement calling for at least $2.5 million in stockholders equity and has 45 days to submit a plan to regain compliance.

The firm had been notified in November that it failed to meet a listing requirement calling for at least $2.5 million in stockholder equity and faced delisting action. 

The firm said that its shares will begin trading on the OTCQB exchange starting on Feb. 22.

The company had been warned by Nasdaq in August that it failed to comply with a minimum $10 million stockholder equity requirement to remain listed on the exchange. 

In December, the company effected a 1-for-10 reverse stock split in order to help regain compliance with Nasdaq's minimum closing bid requirement.

Interpace hopes to keep its stock listed on the Nasdaq as a result of the reverse split. 

The approval from the firm's shareholders and board comes after Great Basin moved its stock to the Over-the-Counter market in October. 

A single institutional investor will purchase 2 million shares of Interpace's common stock and 1.6 million prefunded warrants to purchase its common stock.