SIGA Reports on Correspondence from NASDAQ
Tuesday July 25, 4:30 pm ET
NEW YORK--(BUSINESS WIRE)--July 25, 2006--SIGA Technologies, Inc. (NASDAQ: SIGA - News) disclosed today that on July 19, 2006 it received notice from the Nasdaq Stock Market ("NASDAQ") that for the last 10 consecutive trading days, SIGA's market value of listed securities has been below the $35,000,000 minimum required for continued inclusion on the Nasdaq Capital Market under Marketplace Rule 4310(c)(2)(B)(ii). In accordance with Marketplace Rule 4310(c)(8)©, SIGA will be provided with 30 calendar days, until August 18, 2006, to regain compliance. If, at any time before August 18, 2006, the market value of listed securities of SIGA is $35,000,000 or more for a minimum of 10 consecutive business days, NASDAQ will determine if SIGA complies with Marketplace Rule 4310(c)(2)(B)(ii). If compliance with the rule cannot be demonstrated by August 18, 2006, the staff of the NASDAQ Stock Market will provide written notification to SIGA that its securities will be delisted. At that time, SIGA may appeal such determination to a listing qualification panel.
In addition, the NASDAQ notice also stated that, based on SIGA's Form 10-Q for the period ending March 31, 2006, SIGA no longer complies with Marketplace Rule 4310(c)(2)(B)(i) or (4310)(c)(2)(B)(iii), which require minimum stockholders' equity of $2,500,000 or net income from continuing operations of $500,000 in the most recently completed fiscal year or in two of the last three most recent completed fiscal years.
SIGA intends to monitor the market value of its listed securities between now and August 18, 2006, and consider available options if its common stock does not trade at a level likely to result in SIGA regaining compliance with the minimum market value requirement. |
