Jan 7 2011
DARA BioSciences, Inc. (Nasdaq:DARA) today announced that, on January 5, 2011, NASDAQ notified the Company that it has regained compliance with the minimum stockholders' equity requirement for continued listing on The NASDAQ Capital Market, as set forth in NASDAQ Listing Rule 5550(b)(1). On December 30, 2010, the Company filed a Current Report on Form 8-K with the Securities and Exchange Commission evidencing stockholders' equity of approximately $5.6 million on a pro forma basis as of November 30, 2010, following completion of the Company's registered public offering, as variously described in the Company's press releases dated December 28 and 29, 2010, and January 4, 2011. Accordingly, the NASDAQ Listing Qualifications Panel (the "Panel") has determined to continue the Company's listing on The NASDAQ Stock Market and the previously announced delisting proceedings are now closed.
On August 18, 2010, DARA received notice from the Listing Qualifications Staff of The NASDAQ Stock Market LLC (the "Staff") indicating that the Company did not satisfy the minimum stockholders' equity requirement and that its securities were therefore subject to delisting. The Company appealed the Staff's determination and appeared before the Panel in October 2010.