Jun 2 2010
DARA BioSciences, Inc. (Nasdaq:DARAD) today announced that, on May 28 2010, NASDAQ notified the Company that it has regained compliance with the minimum bid price requirement as set forth in NASDAQ Listing Rule 5550(a)(2). On May 26, 2010, the Company's closing bid price was $3.58 per share, the tenth consecutive day it had been above $1 per share. Accordingly, a NASDAQ Listing Qualifications Panel (the "Panel") determined to continue the Company's listing on The NASDAQ Stock Market and the previously announced delisting proceeding is now closed.
On March 16, 2010, DARA received notice from the Listing Qualifications Staff of The NASDAQ Stock Market LLC indicating that the Company had not timely regained compliance with the $1.00 bid price requirement, as set forth in Listing Rule 5550(a)(2). The Company appealed and appeared before the Panel.