Xoma announced that it received a letter from the staff of The Nasdaq Stock Market indicating that the Nasdaq staff has concluded that Xoma's previously-announced common share financing completed on September 30 did not comply with Nasdaq's Listing Rule 5635(d)(2). Listing Rule 5635(d)(2) requires that a company obtain shareholder approval for the issuance of common shares or securities exercisable for common shares equal to 20% or more of the common shares outstanding before the issuance for less than the greater of book or market value of the shares. Receipt of this letter has no effect on the current listing status of the common shares. Xoma management is working with the Nasdaq staff and the investor to address the Nasdaq staff's concerns and take any required corrective action. :theflyonthewall.com
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