Home > Press > Nanogen, Inc. Receives Notice Regarding Minimum Bid Price Rule
Nanogen, Inc. (Nasdaq: NGEN), developer of advanced diagnostic products, announced that on November 27, 2007 it received a letter from the Nasdaq Stock Market advising that for 30 consecutive business days preceding the date of the letter, the bid price of the company's common stock had closed below the $1.00 per share minimum bid price required for continued inclusion on the Nasdaq Global Market pursuant to Nasdaq Marketplace Rule 4450(a)(5). This notification has no effect on the listing of the company's common stock at this time.
Nanogen, Inc. Receives Notice Regarding Minimum Bid Price Rule
San Diego, CA | Posted on December 1st, 2007
Nasdaq stated in its letter that in accordance with Nasdaq Marketplace Rule 4450(e)(2), Nanogen will be provided 180 calendar days, or until May 27, 2008, to regain compliance with the minimum bid price rule. Compliance will be achieved if the bid price per share of the company's common stock closes at $1.00 per share or greater for a minimum of 10 consecutive days prior to May 27, 2008.
If Nanogen does not regain compliance with the minimum bid price rule by May 27, 2008, the Nasdaq staff will provide the company with written notification that its common stock will be delisted from the Nasdaq Stock Market. At that time, Nanogen may appeal Nasdaq's determination to delist its common stock. Alternatively, Nasdaq Marketplace Rule 4450(i) may permit Nanogen to transfer its common stock to the Nasdaq Capital Market if the company's common stock satisfies all criteria, other than compliance with the minimum bid price rule, for initial inclusion on such market. In the event of such a transfer, the Nasdaq Marketplace Rules provide that the company will be afforded an additional 180 calendar days to comply with the minimum bid price rule while listed on the Nasdaq Capital Market.
About Nanogen, Inc.
Nanogenís advanced technologies provide researchers, clinicians and physicians worldwide with improved methods and tools to predict, diagnose, and ultimately help treat disease. The companyís products include real-time PCR reagents and kits based on the Companyís proprietary probe technology branded as MGB Alertģ and Q-PCR Alert, and a line of rapid point-of-care diagnostic tests used in urgent care settings to aid in the diagnosis of heart failure conditions. Nanogenís ten years of pioneering research involving nanotechnology holds the promise of miniaturization and continues to be supported for its potential for diagnostic and biodefense applications. For additional information please visit Nanogenís website at http://www.nanogen.com .
Nanogen Forward-Looking Statement
This press release contains forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements, including those relating to the need for additional financing, delisting from the NASDAQ Global Market, whether patents owned or licensed by Nanogen will be developed into products, whether the patents owned by Nanogen offer any protection against competitors with competing technologies, whether products under development can be successfully developed and commercialized, whether results reported by our customers or partners can be identically replicated, and other risks and uncertainties discussed under the caption "Risk Factors" and elsewhere in Nanogenís Form 10-K or Form 10-Q most recently filed with the Securities and Exchange Commission. These forward-looking statements speak only as of the date hereof. Nanogen disclaims any intent or obligation to update these forward-looking statements.
For more information, please click here
Robert Saltmarsh, Chief Financial Officer
Kelly Goodwin Gann, Marketing Communications
Copyright © Business Wire 2007
If you have a comment, please Contact
Issuers of news releases, not 7th Wave, Inc. or Nanotechnology Now, are solely responsible for the accuracy of the content.
Arrowhead to Present at 2015 RBC Capital Markets' Global Healthcare Conference February 17th, 2015
Iran 1st among Islamic Nations in Scientific Production, Nanotechnology February 16th, 2015
Harris & Harris Group Portfolio Company D-Wave Systems Raises an Additional $29 Million (CAD), Closing 2014 Financing at $62 Million (CAD) February 2nd, 2015
Malaysian Nanotechnology Company Nanopac Innovation Ltd. lists on the NSX January 19th, 2015
New nanodevice defeats drug resistance: Tiny particles embedded in gel can turn off drug-resistance genes, then release cancer drugs March 2nd, 2015
New Hopes for Treatment of Intestine Cancer by Edible Nanodrug March 2nd, 2015
Graphene Shows Promise In Eradication Of Stem Cancer Cells March 1st, 2015
Novel Method to Determine Optical Purity of Drug Components March 1st, 2015
International research partnership tricks the light fantastic March 2nd, 2015
UC research partnership explores how to best harness solar power March 2nd, 2015
Researchers turn unzipped nanotubes into possible alternative for platinum: Aerogel catalyst shows promise for fuel cells March 2nd, 2015
Important step towards quantum computing: Metals at atomic scale March 2nd, 2015