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Monday, June 05, 2017 1:55:00 PM
As previously reported, Cerulean Pharma Inc. (the “Company”) was notified by the NASDAQ Stock Market (“NASDAQ”) on May 19, 2017, that based on the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2017, the Company’s stockholders’ equity was $7,741,000, and therefore, the Company was not in compliance with NASDAQ Listing Rule 5450(b)(1)(A), which requires a $10,000,000 minimum stockholders’ equity.
On May 25, 2017, the Company applied to transfer the listing of its stock from the NASDAQ Global Market to the NASDAQ Capital Market. The NASDAQ Capital Market is a continuous trading market that operates in substantially the same manner as the NASDAQ Global Market and listed companies must meet certain financial requirements and comply with NASDAQ’s corporate governance requirements.
On June 1, 2017, NASDAQ approved the Company’s transfer application. This transfer will be effective at the opening of business on Monday June 5, 2017. The Company’s common stock will continue to trade under the symbol “CERU.”
As previously reported, the Company was notified by NASDAQ on May 5, 2017 that, for the prior 30 consecutive business days, the bid price for the Company’s common stock had closed below the minimum $1.00 per share requirement for continued inclusion on the Nasdaq Global Market pursuant to Nasdaq Listing Rule 5450(a)(1) (the “Bid Price Rule”). The Company continues to have until November 1, 2017 to demonstrate compliance with the minimum bid price requirement for continued listing. If the Company cannot come into compliance with the Bid Price Rule by that date, it may be eligible for an additional compliance period if it meets the continued listing requirement for market value of publicly held shares and all other initial listing requirements for The Nasdaq Capital Market, with the exception of the Bid price requirement
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