NEW YORK (GenomeWeb) – Transgenomic said on Friday that it has received notice from the Nasdaq Stock Market that it is not in compliance with one of the requirements for continued listing.
Specifically, Nasdaq said that the firm is not in compliance with the $1.00 minimum bid price required for continued listing for the 30 consecutive business days leading up to Feb. 23. Transgenomic has 180 calendar days, or until Aug. 22, to regain compliance with the rule. To do so, the company's common stock must meet or exceed $1.00 per share for at least 10 consecutive business days during this 180-day period.
If the company doesn't regain compliance by that time, Nasdaq may provide it with a second 180-day period to regain compliance. If Transgenomic does not regain compliance within the allotted compliance period including this potential extension, Nasdaq will provide notice that the company's common stock will be subject to delisting.
Last week's notice has no immediate effect on the listing of Transgenomic's common stock. In early morning trading Monday the stock was down a little more than 1 percent to $.60.