If Acusphere does not regain compliance with the minimum bid price requirement by July 8, 2008, the NASDAQ staff will provide the Company with written notification that the Common Stock will be delisted from the NASDAQ Global Market. At that time, the Company may appeal the delisting determination to a NASDAQ Listings Qualifications Panel pursuant to applicable NASDAQ rules. Alternatively, NASDAQ Marketplace Rule 4450(i) may permit the Company to transfer the Common Stock to the NASDAQ Capital Market if the Common Stock satisfies all criteria, other than compliance with the minimum bid price requirement, for initial inclusion on such market. In the event of such a transfer, the NASDAQ Marketplace Rules provide that the Company will be afforded an additional 180 calendar days to comply with the minimum bid price requirement while listed on the NASDAQ Capital Market.
So they have 2 options. They can appeal, which I have seen other companies do successfully in the past. Or they can temporarily transfer to the Nasdaq Capital Market while they try to regain compliance. My guess is that they will appeal by stating that they have near term catalysts that will more than likely cause them to regain compliance. I believe that they will have an additional 180 days if they do the appeal.
"You don't want to sell me death sticks, you want to go home and rethink your life." Obi-Wan Kenobi
<<...reminds me another "one trick pony" Elan (ELN). I used to trade it well below $10 when it had problems with FDA. Just noticed, it's a $35 now (!)>>
That's why biotechs are scary: "On Friday, Massachusetts-based Biogen (nasdaq: BIIB - news - people ) and Dublin-based Elan's (nyse: ELN - news - people ) shares took a nosedive after the companies announced in a regulatory filing late Thursday that two new cases of a rare brain disease were found in patients taking its multiple sclerosis (MS) drug Tysabri." http://www.forbes.com/2008/08/01/biogen-elan-update-markets-equity-cx_ra_0801markets28.html?partner=yahootix
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