AVI BioPharma Receives NASDAQ Notice of Minimum Bid Price Non-Compliance
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Avi Biopharma (NASDAQ:AVII)
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Today : Wednesday 14 December 2011
AVI BioPharma, Inc. (NASDAQ: AVII), a developer of RNA-based therapeutics, announced today that it received a letter from the listing qualifications department staff of The NASDAQ Stock Market LLC, notifying AVI that for the last 30 consecutive business days the bid price of its common stock had closed below $1.00 per share, the minimum closing bid price required by the continued listing requirements set forth in Listing Rule 5450(a)(1). The notice has no effect at this time on the listing of AVI's common stock, which will continue to trade under the symbol "AVII."
Pursuant to Listing Rule 5810(c)(3)(A), AVI has 180 calendar days, or until June 11, 2012, to regain compliance with the minimum bid price requirement. If at any time before this date AVI's common stock has a closing bid price of $1.00 or more for a minimum of 10 consecutive business days, NASDAQ staff will notify AVI that it has regained compliance.
If AVI cannot demonstrate compliance with Rule 5450(a)(1) by June 11, 2012, NASDAQ will provide notice to AVI that its securities may be delisted. At that time, AVI may appeal NASDAQ's decision to a Listing Qualifications Panel. Alternatively, AVI may submit an application to transfer its securities to The NASDAQ Capital Market. Following submission of the application, AVI may be eligible for an additional 180-day period to regain compliance with the minimum bid price requirement if it meets the continued listing requirement for market value of publicly held shares and all other initial listing standards, with the exception of the bid price requirement, for The NASDAQ Capital Market.
