Nasdaq Stock Market issues deficiency letter to Neurobiological Technologies

NewsGuard 100/100 Score

Neurobiological Technologies, Inc. (Nasdaq: NTII) ("NTI") announced today that, on September 15, 2009, it received a letter from The Nasdaq Stock Market indicating that the bid price of NTI's common stock has closed below $1.00 per share for 30 consecutive business days. The letter indicated that a closing bid price below $1.00 per share is a deficiency under Nasdaq's requirements for continued listing pursuant to Marketplace Rule 5550(a)(2). The letter from Nasdaq further stated that, under Marketplace Rule 5810(c)(3)(A), NTI will be provided 180 calendar days, or until March 15, 2010, to regain compliance with Marketplace Rule 5550(a)(2). To regain compliance, the bid price of NTI's common stock must close at $1.00 per share or more for a minimum of 10 consecutive business days.

The letter also stated that on March 15, 2010, if NTI meets the Nasdaq Capital Market initial inclusion criteria set forth in Marketplace Rule 5505, except for the bid price requirement, it may be provided with an additional 180 calendar day period to demonstrate compliance. On March 15, 2010, if NTI is not eligible for an additional compliance period, Nasdaq Staff will provide written notification that NTI's securities will be delisted. Upon such notice, NTI may appeal the Nasdaq Staff's Determination to a Listing Qualifications Panel, pursuant to the procedures set forth in the Nasdaq Marketplace Rule 5800 Series.

Posted in:

Tags:

Comments

The opinions expressed here are the views of the writer and do not necessarily reflect the views and opinions of News Medical.
Post a new comment
Post

While we only use edited and approved content for Azthena answers, it may on occasions provide incorrect responses. Please confirm any data provided with the related suppliers or authors. We do not provide medical advice, if you search for medical information you must always consult a medical professional before acting on any information provided.

Your questions, but not your email details will be shared with OpenAI and retained for 30 days in accordance with their privacy principles.

Please do not ask questions that use sensitive or confidential information.

Read the full Terms & Conditions.