NEW YORK (GenomeWeb News) – BG Medicine said today that the Nasdaq Listing Qualifications Panel has granted its request to transfer its listing from the Nasdaq Global Market to the Nasdaq Capital Market.
BG requested the transfer, which is effective at open of business today, after failing to meet the $50 million market value of listed securities requirement for listing on the Global Market. The Capital Market requires a company maintain $35 million market value or $2.5 million in stockholders equity.
BG is not currently in compliance with the Global Market listing requirements, but has been granted an extension by the exchange giving it until April 15 to achieve compliance.
The company's transfer of its listing comes after a year in which BG received several delisting warnings from Nasdaq. In addition to failing to maintain a $50 million market value of listed securities, the firm also received warnings for failing to maintain a minimum $1 closing bid price on its stock and failing to maintain a minimum $15 million value for its publicly held shares.