Delisting notice received based on market cap, something a reverse split, much talked about of late, will not fix. The price of doing a crappy Atryn deal:
>>GTC Biotherapeutics Receives Notice Related to Nasdaq Minimum Market Value Rule
Wednesday July 2, 4:15 pm ET
FRAMINGHAM, Mass.--(BUSINESS WIRE)--GTC Biotherapeutics, Inc. ("GTC", Nasdaq: GTCB) has received a Staff Deficiency Letter from The Nasdaq Stock Market notifying GTC that for the last 10 consecutive trading days the aggregate market value of GTCB common stock has fallen below $50 million, the minimum level required for continued listing on the Nasdaq Global Market, as specified by the Marketplace Rule 4450(b)(1)(A). This notice initiates the timetable for review of GTC’s continued inclusion on the Nasdaq Global Market, but it has no immediate effect on the listing of GTCB on that market.
In accordance with Marketplace Rule 4450(e)(4), The Nasdaq’s staff provided GTC until July 31, 2008 to regain compliance. If at any time before July 31, 2008, the aggregate market value of GTCB common stock is $50 million or more for at least ten consecutive trading days, Nasdaq’s staff will determine if GTC complies with the Nasdaq Global Market continued listing standards.
If compliance can not be demonstrated by July 31, 2008, GTC may either appeal the staff’s determination to a Listing Qualification Panel or apply for transfer to the Nasdaq Capital Market. An actual transfer to the Nasdaq Capital Market will be based on the Nasdaq staff’s review of GTC’s application.<<
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Maybe a trading buy down here. Thank goodness this has been a small position for me.
Cheers, Tuck |
