NEW YORK (GenomeWeb News) – Helicos BioSciences' stock has been delisted from the Nasdaq Global Market after failing to meet minimum listing requirements.
In a document filed with the US Securities and Exchange Commission on Monday, the Cambridge, Mass.-based single-molecule sequencing technology firm said that its stock has been delisted as of today due to "the unlikely ability of the company to meet Nasdaq [market value of listed securities] requirements due to the state of its finances and near-term business prospects."
During the summer, the company had been warned by Nasdaq that it was in danger of being delisted because its market capitalization had fallen below $50 million for 30 consecutive business days, and the company otherwise did not satisfy Nasdaq's listing requirements.
Helicos had until Dec. 27 to regain compliance and remain listed on the exchange. If before that time its market cap reached at least $50 million, Nasdaq would consider Helicos in compliance with listing requirements and the matter would be closed.
Last month, though, Nasdaq sent another letter to the company saying its stock faced delisting because it failed to meet the market's minimum bid requirement for continued listing. Helicos also had not yet held its annual meeting of stockholders for fiscal 2010 as required by Nasdaq for continued listing. Helicos said at the time it would appeal the decision.
In the SEC filing yesterday, the company said that it withdrew its appeal to Nasdaq on Nov. 12.
Helicos' stock is now traded on the OTC Pink Sheets under ticker symbol "HLCS.PK." In Tuesday morning trade, its shares were down 48 percent at $.22.