To: Chris Forte who wrote (45342 ) 1/5/2006 4:09:40 PM From: caly Read Replies (1) | Respond to of 120404 SIGA Reports on Correspondence With Nasdaq Thursday January 5, 3:38 pm ET NEW YORK--(BUSINESS WIRE)--Jan. 5, 2006--SIGA Technologies, Inc. (NASDAQ: SIGA - News). As previously disclosed, SIGA entered into a Securities Purchase Agreement, dated November 2, 2005, with four investors for the issuance and sale of 2,000,000 shares of SIGA's common stock at $1.00 per share for aggregate consideration of $2,000,000 and certain warrants. The investors were also entitled to purchase additional shares of SIGA's common stock for a gross amount of up to $2,000,000 at an initial price of $1.10 per share for a period of 90 trading days following the effectiveness of a registration statement. On December 9, 2005, SIGA was verbally notified by The Nasdaq Stock Market that it was in violation of the shareholder approval rules set forth Marketplace Rule 4350(i)(1)(D)(ii) because the share issuance cap found in the Warrant and Additional Investment Right agreements was not in compliance with IM-4350-2, which requires a share issuance cap to apply for the life of the transaction unless shareholder approval is obtained. Subsequently, on December 13, 2005, SIGA provided The Nasdaq Stock Market with copies of signed amended and restated Warrant and Additional Investment Right agreements, which evidence a share issuance cap which complied with IM-4350-2. As a result, on December 30, 2005, SIGA received a letter from The Nasdaq Stock Market informing it that The Nasdaq Stock Market had determined, based on the above described actions that SIGA had regained compliance with the Rule and that the matter was now closed.