Nov 20 2010
CombiMatrix Corporation (Nasdaq:CBMX) today announced that it received a written notice from The Nasdaq Stock Market (the "Notice") on November 17, 2010 indicating that the Company is not in compliance with the minimum stockholders' equity requirement for continued listing on The Nasdaq Global Market (as set forth in Nasdaq Listing Rule 5450(b)(1)(A)) because the Company's stockholders' equity is below The Nasdaq Global Market minimum stockholders' equity listing requirement of $10,000,000.
The Company has until January 3, 2011 either to provide Nasdaq with a specific plan to regain compliance with the Nasdaq Global Market listing requirements, including the time frame for completion of such plan, or to apply to transfer the Company's securities to The Nasdaq Capital Market. The Company intends to prepare its Global Market compliance plan for submittal to Nasdaq by the specified date. If the Company's plan is accepted, the Nasdaq Staff can grant an extension of up to 180 days from the Notice date to evidence compliance. If the Nasdaq Staff does not accept the Company's plan, the Company may appeal the decision to a Nasdaq Hearings Panel or the Company may decide at a later date to apply for listing on The Nasdaq Capital Market, which has a minimum stockholders' equity requirement of $2,500,000, among other listing requirements. There can be no assurance that the Company's plan will be accepted or that a Nasdaq Hearings Panel will grant the Company's appeal or, if the Company chooses to apply for listing on The Nasdaq Capital Market, that the Company will meet the listing requirements of The Nasdaq Capital Market.
SOURCE CombiMatrix Corporation