NEW YORK (GenomeWeb News) – BG Medicine said late on Friday it has been notified by Nasdaq for the second time in less than six months that it does not fulfill a requirement for continued listing on the exchange.
In a document filed with the US Securities and Exchange Commission, the Waltham, Mass.-based company said that it received written notice from the Listing Qualifications Department of Nasdaq on May 14 warning that for the preceding 30 consecutive business days, it had closed below the $50 million minimum market value required for listed securities to remain listed on the Nasdaq Global Market.
BG Medicine has 180 calendar days, or until Nov. 11, to regain compliance by closing at or above the $50 million limit for at least 10 consecutive business day during the 180-day grace period. If BG Medicine does not regain compliance by Nov. 11, it will be subject to delisting. The company can then appeal the Nasdaq staff's determination to a Nasdaq Listing Qualifications Panel and request a hearing.
BG Medicine said it is considering its options to regain compliance for listing on the Nasdaq Global Market. It added that it may also transfer its listing to the Nasdaq Capital Market, which has lower listing requirements, including a minimum $35 million market value for listed securities.
BG Medicine recently reported that its first-quarter revenues spiked 88 percent year over year. It also named Paul Sohmer as its new CEO.
In afternoon trading, shares of the company were flat at $1.69