Form 8-K for IMMUNICON CORP
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25-Jan-2008
Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Tr
Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Standard; Transfer of Listing.
On January 23, 2008, Immunicon Corporation ("Immunicon") received notice from The Nasdaq Stock Market, Inc. ("Nasdaq") that the minimum bid price of its common stock had fallen below $1.00 for the last 30 consecutive business days and that its common stock is, therefore, subject to delisting from the Nasdaq Capital Market. Nasdaq Marketplace Rule 4310(c)(4) requires a $1.00 minimum bid price for continued listing of an issuer's common stock.
In accordance with Nasdaq Marketplace Rule 4310(c)(8)(D), Immunicon has until July 21, 2008 (180 calendar days from January 23, 2008) to regain compliance. No assurance can be given that Immunicon will regain compliance during that period.
Immunicon can regain compliance with the minimum bid price rule if the bid price its common stock closes at $1.00 or higher for a minimum of 10 consecutive business days during the initial 180-day period, although Nasdaq may, in its discretion, require an issuer to maintain a bid price of at least $1.00 per share for a period in excess of ten consecutive business days (but generally no more than 20 consecutive business days) before determining that the issuer has demonstrated the ability to maintain long-term compliance. If compliance is not achieved by July 21, 2008, Immunicon will be eligible for another 180-day compliance period (until January 17, 2009) if it meets the Nasdaq Capital Market initial listing criteria as set forth in Nasdaq Marketplace Rule 4310(c) other than the minimum bid price requirement. No assurance can be given that Immunicon will be eligible for the additional 180-day compliance period or, if applicable, that it will regain compliance during any additional compliance period.
Item 7.01. Regulation FD Disclosure.
On January 25, 2008, Immunicon issued a press release announcing that it received notice from Nasdaq that the minimum bid price of its common stock had fallen below $1.00 for the last 30 consecutive business days and that its common stock is, therefore, subject to delisting from the Nasdaq Capital Market. A copy of the press release is furnished herewith as Exhibit 99.1.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
99.1 - Press release dated January 25, 2008.
surf's up......crikey
AI
