NEW YORK (GenomeWeb News) – Pressure BioSciences today said that it has received notification from Nasdaq that the firm has been granted an extension until Oct. 3, 2011, to regain compliance with the exchange's minimum stockholders' equity requirement of $2.5 million.
The South Easton, Mass.-based firm received the staff deficiency letter from Nasdaq in early April saying that it was not incompliance with the rule. It submitted a written plan to Nasdaq on May 23, outlining its strategy to regain compliance. In that plan, Pressure Bio said that it would need to raise at least $5 million in additional equity capital to report stockholders' equity of more than $2.5 million.
Nasdaq notified the firm on June 10 that it has until Oct. 3, 2011, to regain compliance.