Aeterna Zentaris Announces Extension to Regain Compliance with NASDAQ's Minimum Bid Price Rule
7:30 am ET June 18, 2015 (PR Newswire)
Aeterna Zentaris Inc. (NASDAQ: AEZS) (TSX: AEZ) (the "Company") announced today that it has received notice from the NASDAQ Listing Qualifications Department ("NASDAQ") determining that the Company is eligible for an additional 180 calendar day period, until December 14, 2015, to regain compliance with the minimum $1.00 per share required for continued listing under Listing Rule 5550(a)(2). The Company's shares continue to trade on the NASDAQ Capital Market under the symbol AEZS.
Per the notice of deficiency received on December 16, 2014, the Company had a period of 180-calendar days, or until June 16, 2015, to regain compliance with the minimum bid price requirement. Following a review, NASDAQ determined that the Company was eligible to receive an additional 180-day period on the basis that Aeterna Zentaris still met the continued listing requirement for market value of publicly held shares and all other initial listing standards for the NASDAQ Capital Market, with the exception of the minimum bid price requirement.
To regain compliance, the closing bid price of the Company's common stock must be at least $1.00 per share for a minimum of 10 consecutive business days. If compliance cannot be demonstrated by December 14, 2015, NASDAQ's staff will provide written notification that the Company's securities will be delisted. At that time, the Company may appeal NASDAQ staff's determination to a Hearings Panel.
