Nasdaq Stock Market issues noncompliance notice to PhotoMedex

PhotoMedex, Inc. (Nasdaq:PHMD) (the “Company”) announced today that it received notification from The Nasdaq Stock Market (“Nasdaq”) on September 15, 2009 that the Company was not in compliance with the $1.00 minimum bid price requirement for continued listing on Nasdaq’s Global Market exchange under Nasdaq Marketplace Rule 4450(a)(5) (the “Rule”). Such a notification letter is issued when the bid price of a Nasdaq-listed company closes below $1.00 per share bid price for 30 consecutive business days. The closing price of PhotoMedex stock has been below $1.00 since August 3, 2009.

The Company’s stock will continue to trade on Nasdaq’s Global Market exchange under the symbol PHMD.

The notification letter states that, pursuant to Nasdaq Marketplace Rule 4450(e)(2), the Company will have 180 calendar days, or until March 14, 2010, to regain compliance with the minimum bid price rule. The Company will achieve compliance if its common stock closes at $1.00 or more per share for at least 10 consecutive business days any time before March 14, 2010, although the notification letter also states that the Nasdaq staff has the discretion to require compliance for a period in excess of 10 consecutive business days, but generally no more than 20 consecutive business days, under certain circumstances.

If the Company does not regain compliance with the Rule by that date, Nasdaq will provide notice to the Company that its securities will be delisted from the Nasdaq Global Market. If the Company receives such a letter, it will have an opportunity to appeal the determination to the Nasdaq Listing Qualification Panel or to apply to transfer its common stock to the Nasdaq Capital Market. If the Company’s application to the Nasdaq Capital Market is approved, then the Company will have an additional 180 day compliance period in order to regain compliance with the Nasdaq Global Market requirements while trading on the Nasdaq Capital Market.

Source:

PhotoMedex, Inc.

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