BLSI - - Press ReleaseSource: Boston Life Sciences, Inc.
Boston Life Sciences' Stock to Commence Trading on the Nasdaq Smallcap Market on March 27, 2003
Thursday March 27, 9:03 am ET
BOSTON--(BUSINESS WIRE)--March 27, 2003--Boston Life Sciences, Inc. (NASDAQ: BLSI - News) announced that it had received notification from a Nasdaq Listing Qualifications Panel that the Panel had determined to transfer the listing of the Company's securities to The Nasdaq SmallCap Market effective with the open of business on Thursday, March 27, 2003. Shares of the Company's securities will continue to be listed as BLSI. The Panel's decision was made in response to the Company's appeal of a Nasdaq Staff Determination Letter dated January 16, 2003 which stated that the Company failed to comply with the stockholders' equity requirement for continued listing on The Nasdaq markets.
The Panel indicated that its decision was based, in part, on the Company's completion of a private placement on March 12, 2003 which raised $10 million in gross proceeds. The rules of the Nasdaq SmallCap market require the Company to maintain stockholder's equity of at least $2.5 million. For additional information about the Company's financial position, interested parties should read the current report on Form 8-K to be filed with the Securities and Exchange Commission.
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