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Arrowhead Research Corporation's (NASDAQ: ARWR) ("the Company") President and Chief Executive Officer today issued the following open letter to the Company's shareholders:
On Friday, February 13, we announced that we had received a letter from the Nasdaq Stock Market ("Nasdaq") informing us that Arrowhead has fallen below the minimum stockholder equity requirement for the Nasdaq Global Market and that our listing is currently under review. Based on stockholder inquiries received by the Company today, I wanted to provide additional information about the review process and what this means for Arrowhead.
During the review period, Arrowhead common stock will continue to trade on the Nasdaq Global Market. Under Nasdaq rules, Arrowhead may submit a formal plan to regain compliance with Nasdaq Global Market continued listing standards on or before February 26, 2009, and we are currently preparing the submission. If the plan is accepted, Nasdaq can grant the Company a 105-day extension to regain compliance.
Should the Nasdaq not accept our compliance plan, we would seek to transfer the listing of our common stock from the Nasdaq Global Market to the Nasdaq Capital Market. The Nasdaq Capital Market is one of the three market tier designations for Nasdaq-listed stocks and operates in substantially the same manner as the Nasdaq Global Market, although it has a lower stockholder equity requirement than the Nasdaq Global Market.
We remain optimistic about our business in these challenging times, and we believe that we will be able to continue our progress whether our stock is listed on the Nasdaq Global Market or the Nasdaq Capital Market.
I invite all investors to listen to the conference call for an in-depth review of Arrowhead and its subsidiaries' growth catalysts and market opportunity. An archive of the First Quarter Fiscal 2009 conference call is located at the following link:
On behalf of Arrowhead, we look forward to your continued support.
Chief Executive Officer
About Arrowhead Research Corporation
Arrowhead Research Corporation (www.arrowheadresearch.com) (NASDAQ: ARWR) is a nanotechnology company commercializing new technologies in the areas of life sciences, electronics, and energy. Arrowhead is seeking to build value for shareholders through the progress of majority owned subsidiaries. Currently, Arrowhead has four subsidiaries commercializing nanotech products and applications and investments in two minority-owned subsidiaries.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:
This news release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements are based upon our current expectations and speak only as of the date hereof. Our actual results may differ materially and adversely from those expressed in any forward-looking statements as a result of various factors and uncertainties. For example, there can be no assurance that we will be able to maintain our listing on any NASDAQ market, that our financial initiatives will succeed in strengthening our balance sheet or that we will be able to continue to operate as a going concern. Arrowhead Research Corporation's Annual Report on Form 10-K and 10-K/A, recent and forthcoming Quarterly Reports on Form 10-Q and 10-Q/A, recent Current Reports on Forms 8-K and 8-K/A, our Registration Statements on Form S-3, and other SEC filings discuss these and other important risk factors that may affect our business, results of operations and financial condition. We disclaim any intent to revise or update publicly any forward-looking statements.
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