NEW YORK (GenomeWeb) – The Nasdaq Listings Qualifications Staff has notified Great Basin Scientific that it fails to meet requirements to continue listing its shares on the exchange, the company said after the close of the market on Tuesday.
Salt Lake City-based Great Basin said that the Nasdaq notified it on Oct. 14 that it failed to meet listing requirements calling for a minimum $35 million market value of listed securities and a $1 minimum bid price on its shares. The firm has a current market value of about $17 million. Its shares closed on Tuesday down about 4 percent at $.09 per share.
Nasdaq has given the molecular diagnostics firm 180 calendar days, or through April 11, to regain compliance. If Great Basin fails to meet the requirements by the deadline, it can receive another 180-day grace period provided it meets certain conditions.
The firm said that it is considering its options to address the deficiencies, including a previously announced plan to file a proxy statement and hold a special shareholders meeting to seek approval to effect a reverse stock split.
Great Basin went public a year ago.