NEW YORK(GenomeWeb) – BG Medicine said today that it has been granted continued listing on the Nasdaq Capital Market while it works towards compliance with exchange listing requirements.
In November, the company was told that it did not meet the minimum of $2.5 million in stockholders' equity or a market capitalization of at least $35 million required for listing, putting the company at risk of being delisted.
The company had until Jan. 4, 2015 to submit a plan to regain compliance with the listing rule. Today's announcement signals that Nasdaq has accepted this plan, giving BG Medicine until May 19, 2015 to regain compliance.
For the period ended Sept. 30, 2014, BG Medicine reported stockholders' equity of $1.7 million.
The company is also in danger of being delisted from Nasdaq for not being in compliance with a listing requirement calling for a minimum $1 closing bid price on its stock. BG Medicine will regain compliance on this front if the closing bid price of its stock is at or above $1.00 for a minimum of 10 consecutive business days by March 4, 2015.
The company's stock closed above the $1.00 threshold for the first time this year on Jan. 29 and has remained above $1.00 since then.