Poniard Pharmaceuticals, Inc. (PARD)

[leoncio1]

No delisting first 6 months,..


24-Jan-2011

Other Events

Item 8.01. Other Events.
On January 19, 2011, Poniard Pharmaceuticals, Inc. (the "Company") received a letter from The Nasdaq Stock Market notifying the Company that it has been granted an additional 180 calendar day period, or until July 18, 2011, to regain compliance with the minimum $1.00 bid price requirement. The additional time period was granted based on the Company's meeting the continued listing requirement for market value of publicly held shares and all other applicable requirements for initial listing on The Nasdaq Capital Market, with the exception of the bid price requirement, and the Company's written notice to Nasdaq of its intention to cure the deficiency during the additional compliance period by effecting a reverse stock split, if necessary. To regain compliance, the closing bid price of the Company's common stock must meet or exceed $1.00 per share for at least ten consecutive business days during the additional time period. Nasdaq may, in its discretion, require the Company's common stock to maintain a closing bid price of at least $1.00 for a period in excess of ten consecutive trading days, but generally no more than 20 consecutive business days, before determining that the Company has demonstrated an ability to maintain long-term compliance. If the Company does not demonstrate compliance by July 18, 2011, it will receive written notification from the Nasdaq Listing Qualifications Staff that the Company's common stock will be delisted. At that time, the Company may appeal the determination to a Nasdaq Hearings Panel and provide a plan to regain compliance to the Panel.