NEW YORK (GenomeWeb News) – Pressure BioSciences has been delisted by the Nasdaq Stock market after failing to come into compliance with two requirements for continued listing.
The South Easton, Mass.-based sample preparation technologies firm had been told by the Nasdaq Listing Qualifications Panel that it needed to meet two requirements to remain listed: a minimum $1 bid price on its stock for 30 consecutive business days, and $2.5 million in stockholders' equity. It failed to meet either of those requirements by the March 23 deadline set by the stock exchange.
Effective today, Pressure Bio's stock began trading on the OTCQB tier of the OTC Markets. Its stock will continue to trade under the "PBIO" symbol. The firm's shares finished at $.61 in Wednesday trade on the Nasdaq, down 14 percent.
Pressure Bio said in its Form 10-K in February that it has enough cash to last until this month. It filed with the US Securities and Exchange Commission in December to raise $8 million and last month filed an amendment to its filing. The offering of 5 Percent Series E Convertible Preferred Stock has yet to take effect.