| Icagen reported that on November 12 the company received a notification from the NASDAQ Listing Qualifications Department providing notification that, for the last 30 consecutive business days, the bid price of the Company's common stock has closed below the minimum $1.00 per share requirement for continued inclusion under NASDAQ Listing Rule 5450(a)(1). Icagen, in accordance with NASDAQ Listing Rule 5810(c)(3)(A), has been provided 180 calendar days, or until May 11, 2010, to regain compliance. To regain compliance, the bid price of the company's common stock must close at $1.00 per share or more for a minimum of ten consecutive business days at any time before May 11, 2010. If the company does not regain compliance with the Rule by May 11, 2010, the company will be notified that its securities are subject to delisting. At that time, the company may appeal NASDAQ's determination to delist its securities to a Hearings Panel. Alternatively, the company also may consider applying to transfer its securities to The Nasdaq Capital Market if it satisfies the requirements for initial inclusion set forth in NASDAQ Listing Rule 5505, with the exception of the bid price. If its application is approved, the company will be afforded the remainder of The NASDAQ Capital Market's second 180 calendar day grace period in order to regain compliance while on The Nasdaq Capital Market. :theflyonthewall.com |
