EpiCept Corporation (Nasdaq and Nasdaq OMX Stockholm Exchange: EPCT) today announced that it has received notification from the Nasdaq Listing Qualifications Department that it has regained compliance with the continued listing requirement of the Nasdaq Capital Market that it maintain a minimum market value of its listed securities of at least $35 million pursuant to Listing Rule 5550(b)(2).
Pursuant to Nasdaq Listing Rule 5810(c)(3)(C), EpiCept was provided a period of 180 calendar days, or until April 4, 2011, to regain compliance with the market value standard. Because the market value of EpiCept's listed securities has recently closed at $35 million or more for a sufficient period of time as determined by Nasdaq, Nasdaq provided written notification to EpiCept to that effect.
EpiCept remains out of compliance with the continued listing requirements of The Nasdaq Capital Market because the bid price of EpiCept's common stock remains below the minimum $1.00 per share requirement (pursuant to Listing Rule 5550(a)(2)). Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), EpiCept has been provided a period of 180 calendar days, or until April 4, 2011, to regain compliance with the minimum bid price rule. If at any time before April 4, 2011, the bid price of EpiCept's common stock closes at $1.00 per share or higher for a period determined by Nasdaq (which shall be a minimum of 10 consecutive business days), Nasdaq will provide written notification to EpiCept that it complies with the Rule.
In the event that EpiCept does not regain compliance with the minimum bid price rule by April 4, 2011, Nasdaq will determine whether EpiCept meets the initial listing criteria, with the exception of bid price, for The Nasdaq Capital Market and, if it does, EpiCept will be granted an additional compliance period of 180 calendar days.