CCEL delisted on Nasdaq. Trading now as a Pink Sheet.
CLEARWATER, Fla., July 22 /PRNewswire-FirstCall/ -- CRYO-CELL
International, Inc. (Nasdaq: CCCEC) (the "Company") announced today that it
has received notification from Nasdaq that the Company's common stock will be
delisted from Nasdaq's SmallCap Market effective with the opening of the
market on Thursday, July 24, 2003. The Company's common stock will begin
trading on the Over-the-Counter Bulletin Board under the symbol "CCEL" as of
July 24, 2003.
The notification resulted from the Company's failure to satisfy Nasdaq's
$2,500,000 minimum shareholders' equity requirement as of May 31, 2003, as
reported in the Company's Form 10-QSB for the quarter then ended. This was
one of the requirements for continued listing set forth in the decision of the
Nasdaq listing qualifications panel on June 20, 2003. The Company satisfied
all other requirements established by the panel. As previously reported, the
Company requested an extension for compliance with the minimum shareholders'
equity requirement; however, the listing qualifications panel has denied this
request. The Company has the right to request a review of this decision by
the Nasdaq Listing and Hearing Review Council.
Commenting on the decision, Mercedes Walton, Chairman and interim Chief
Executive Officer of the Company, said, "This decision is unfortunate, as the
Company remains confident in its plan to return to compliance with the minimum
shareholders' equity requirement. We intend to appeal the panel's decision
and will do our best to regain our listing, although we cannot give any
assurance that this effort will be successful. Our stock will continue to be
publicly traded, and the delisting should not have any significant impact on
our operations or our relationships with our clients. We will, of course,
continue to keenly focus efforts on implementing our strategic plans to
significantly improve the Company's performance moving forward."
