NEW YORK(GenomeWeb) – BG Medicine said after the close of the market on Friday that it has received a notice of non-compliance from Nasdaq indicating that the company's stock is subject to delisting unless it makes a timely request for a hearing before the Nasdaq Listing Qualifications Panel.
BG Medicine said that it will request a hearing at which it will present its plan to regain and maintain compliance with the applicable listing requirements. The company's stock will continue to trade on Nasdaq pending the hearing.
BG Medicine is in non-compliance with the requirement that its stock have a minimum $1 closing bid for 30 consecutive business days. The company received a warning from Nasdaq in September regarding its non-compliance and was given until March 4, 2015 to achieve compliance.
BG Medicine is also in danger of being delisted from the exchange for not being in compliance with a listing requirement calling for minimum of $2.5 million in stockholders' equity or a market capitalization of at least $35 million. The company has until May 19 to achieve compliance with this requirement.
In morning trading on Monday, shares of BG Medicine were down more than 8 percent at $.81.