Cardium Therapeutics (NYSE Amex: CXM) reported that its exchange listing compliance plan submitted on December 2, 2010 has been accepted by the NYSE Amex LLC.
As previously reported, a communication from the staff of the company's current listing exchange indicated that the company was considered to be noncompliant with one of the exchange's listing requirements based on its quarterly report for the period ended September 30, 2010, and provided that the company should submit a plan that would reestablish compliance with the listing requirement by August 26, 2011. On December 2, 2010, the company reported that it had submitted a plan designed to reestablish compliance with the exchange's requirement in advance of the August 26, 2011 timeframe, and that plan has now been accepted by the listing exchange.
The notification received from the listing exchange had no current effect on the listing of the company's shares on the exchange. Rather, the company was afforded the opportunity to submit a plan pursuant to which the company would seek to establish compliance with the requirements of section 1003(a)(iii) with respect to minimum "stockholders' equity" of $6.0 Million by August 26, 2011. The company will be subject to periodic review by the exchange staff during the period covered by the plan. Failure to make progress consistent with the plan or to regain compliance with the continued listing standards by the end of the applicable extension periods could result in the company's shares being delisted from the exchange. If the company's common stock was ultimately delisted from the exchange, it would be expected to trade on the OTC Bulletin Board, a regulated quotation service that provides quotes, sale prices and volume information in over-the-counter equity securities. The company's common stock was traded on the OTC Bulletin Board until July 2007, when the company elected to instead list its shares on the American Stock Exchange.