This article was originally posted on June 14.
Pressure BioSciences said today it has received a notice from Nasdaq granting it an extension until Oct. 3 to regain compliance with the exchange's minimum stockholder equity requirement of $2.5 million.
According to a plan submitted by PBI to Nasdaq on May 23, to regain compliance and remain above the requirement for the foreseeable future, the company will need to raise at least $5 million in additional equity capital. The company was first notified it had fallen out of compliance on April 6.
On April 13, PBI announced it had raised $825,720 in gross proceeds from the sale of 55,048 units to 10 accredited investors including president and CEO Richard Schumacher, in the first tranche of its $6 million Series C private placement.
This tranche "took months longer than expected to close," Schumacher noted in a statement accompanying the raise, estimating that proceeds from the round would "enable [the company] to fund existing operations to approximately June 30, 2011."