NEW YORK (GenomeWeb News) – A Nasdaq panel has granted Pressure BioSciences' request for continued listing on the exchange, the company said today.
The Nasdaq Listing Qualifications Panel told Pressure Bio of its decision on Dec. 7 to allow the company to remain listed on the Nasdaq Capital Market until Feb. 29, 2012, subject to certain conditions, including the company's demonstration of compliance with a listing requirement to have at least $2.5 million in stockholder equity.
Pressure Bio was originally warned by Nasdaq in April that it was in danger of being delisted because of its failure to meet that requirement, and had until June to regain compliance.
The deadline was then extended to October, and after the company failed to regain compliance it requested a hearing with the Nasdaq panel.
Pressure Bio faces possible delisting action on another requirement calling for a minimum bid price on its shares of $1 for at least 30 consecutive business days. It has until Feb. 13, 2012 to regain compliance with that condition.
Faced with an evaporating cash position, the South Easton, Mass.-based firm earlier this week filed a registration form with the US Securities and Exchange Commission to raise up to $8 million.