>>LOS ANGELES, April 23 /PRNewswire-FirstCall/ -- CytRx Corporation (Nasdaq: CYTRE - News) today announced that on April 19, 2004, it received a Nasdaq Staff Determination letter indicating that the company's common stock is subject to delisting from The Nasdaq Small Cap Market as a result of the company's failure to file its Annual Report on Form 10-K for the year ended December 31, 2003, as required by Nasdaq Marketplace Rule 4310(c)(14).
The company's common stock will be delisted at the opening of business on April 28, 2004 unless, by no later than April 26, 2004, CytRx requests a hearing on the matter before a Nasdaq Listing Qualifications Panel. The company will submit a request for a hearing prior to that deadline, and the company's common stock will continue to remain listed on the Nasdaq Small Cap Market pending that hearing.
As previously reported, CytRx has been delayed in the filing of its Form 10-K as a result of its changing its independent auditors and certain pending accounting issues. The company is working diligently with BDO Seidman, its new independent auditors, to complete the audit of its 2003 financial statements and to file its Form 10-K as expeditiously as possible. There can be no assurance that the company will become current in its reporting obligations or that the Listing Qualifications Panel will agree with the company's request to continue the listing of CytRx's common stock on The Nasdaq Small Cap Market.
The Nasdaq staff also informed the company that, as a result of its filing delinquency, CytRx's trading symbol will carry the additional letter "E" and will be CYTRE.
For questions, please feel free to contact Dian Griesel or John Nesbett at The Investor Relations Group, Inc. at (212) 825-3210.<<
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Cheers, Tuck |
