Jan 9 2010
Forbes Medi-Tech Inc. (NASDAQ:FMTI) ("Forbes" or "Company") announced today that it has received a Nasdaq Staff Deficiency Letter indicating that it does not meet The Nasdaq Capital Market ("NASDAQ") initial listing standard set forth in Listing Rule 5505 and unless the Company requests an appeal of the Staff's determination, the Company's common shares will be suspended at the opening of business on January 15, 2010, and a Form 25-NSE will be filed with the Securities and Exchange Commission which will remove the Company's common shares from listing and registration on The Nasdaq Stock Market.
The Company may appeal Staff's determination to a Hearings Panel ("Panel"), pursuant to the procedures set forth in the Nasdaq Listing Rule 5800 Series, by providing notice of the appeal to NASDAQ no later than 4:00 p.m. Eastern Time on January 13, 2010. The Company will be required to provide a plan to regain compliance to the Panel. A hearing request would stay the suspension of the Company's securities and the filing of the Form 25-NSE pending the Panel's decision.
The Company is considering its options for appeal and will announce if such an appeal is filed.
If the Company does not appeal Staff's determination to the Panel, the Company intends to make application to have the Company's securities eligible to trade on the OTC Bulletin Board.