Feb 5 2011
Palatin Technologies, Inc. (NYSE Amex: PTN) reported that its exchange listing compliance plan has been accepted by the NYSE Amex. Palatin has been granted an extension until May 26, 2011 to regain compliance with stockholders' equity requirements under Section 1003(a)(iii) of the NYSE Amex Company Guide and until February 28, 2011 to regain compliance with financial condition continued listing requirements under Section 1003(a)(iv).
On November 23, 2010, Palatin received notice from the NYSE Amex staff indicating that it was below certain continued listing requirements due to stockholders' equity of less than $6,000,000 with losses in its five most recent fiscal years, as set forth in Section 1003(a)(iii) of the NYSE Amex Company Guide, and also due to impaired financial condition, as set forth in Section 1003(a)(iv).
Palatin submitted a plan for regaining compliance to the NYSE Amex on December 23, 2010. On January 31, 2011 the NYSE Amex notified Palatin that it accepted the plan for regaining compliance, and granted extensions to regain compliance with continued listing standards. Palatin will be subject to periodic review by NYSE Amex staff during the extension period. Failure to make progress consistent with the plan or to regain compliance with the continued listing standards by the end of the extension periods could result in Palatin being delisted from the NYSE Amex.
SOURCE Palatin Technologies, Inc.