VirtualScopics, Inc., (NASDAQ: VSCP), a leading provider of image-based solutions to the pharmaceutical, biotechnology and medical device industries, announced today that on January 4, 2012 it received a notice from the NASDAQ Stock Market indicating that the Company's minimum bid price has fallen below $1.00 for 30 consecutive business days. NASDAQ Marketplace Rule 5550(a)(2)requires a $1.00 minimum bid price for continued listing of an issuer's common stock.
In accordance with section 5810(c)(3)(A) of the NASDAQ Marketplace Rules, the Company has until July 2, 2012 to regain compliance. The Company can regain compliance with the minimum bid price rule if the bid price of its common stock closes at $1.00 or higher for a minimum of 10 consecutive business days during the 180-day period, although the NASDAQ Stock Market may, in its discretion, require the Company to maintain a bid price of at least $1.00 per share for a period in excess of ten consecutive business days before determining that it has demonstrated the ability to maintain long-term compliance.
Additionally, if compliance with this Rule cannot be demonstrated by July 2, 2012, NASDAQ will determine whether the Company meets the NASDAQ Capital Market initial listing criteria except for the bid price requirement. If the Company meets the initial listing criteria, NASDAQ will notify the Company that it has been granted an additional 180 calendar day compliance period. If the Company is not eligible for an additional compliance period, NASDAQ will notify the Company that its common stock will be delisted. At that time, the Company may appeal this determination to delist its securities to a Listing Qualification Panel.
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