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Nasdaq Warns Pressure BioSciences of Second Non-compliance

NEW YORK (GenomeWeb News) – Pressure BioSciences has received notice from Nasdaq that it is not in compliance with a requirement to remain listed on the exchange.

In a document filed with the US Securities and Exchange Commission on Friday, Pressure Bio said that on Aug. 15, Nasdaq had notified it of its failure to comply with a listing requirement calling for a minimum bid price of $1 per share for 30 consecutive business days.

In April, Nasdaq also warned Pressure Bio that it was in not in compliance with a separate listing requirement of at least $2.5 million in stockholders equity. In June, the company said that Nasdaq had extended a deadline to regain compliance with that rule until October.

In the latest development, Nasdaq has given Pressure Bio 180 calendar days, or until Feb. 13, 2012, to regain compliance. To do so, the company's share price must trade for at least $1 for at least 10 consecutive business days, though Nasdaq has the discretion to extend the period beyond the 10 days.

If Pressure Bio fails to regain compliance by Feb. 13, Nasdaq will move to delist the company's stock. Pressure Bio may at that time appeal the decision to a Nasdaq Listing Qualifications Panel.

In its SEC document, the company said that it will "consider available options to resolve the deficiency and regain compliance with the Nasdaq minimum bid price requirement but has not yet determined to take any other action in response to the notice."

Last week Pressure Bio disclosed that its second-quarter revenues fell 53 percent year over year and it had enough cash to last through only the middle of September.