CHICAGO, March 7 /PRNewswire-FirstCall/ -- Advanced Life Sciences Holdings, Inc. (Nasdaq: ADLS), today announced that it has received notice from the Nasdaq Listing Qualifications Department (the "Staff") stating that for 30 consecutive business days the bid price for the Company's common stock has closed below the minimum $1.00 per share requirement for continued inclusion under Marketplace Rule 4310(c)(4) (the "Rule"). This notification has no effect on the current listing of the Company's common stock at this time.
The letter, dated March 4, 2008, indicates that in accordance with Marketplace Rule 4310(c)(8)(D), the Company is provided 180 calendar days, or until September 2, 2008, to regain compliance with the Rule. The letter further indicates that the Company may regain compliance if at any time before September 2, 2008, the bid price of the Company's common stock closes at $1.00 per share or above for a minimum of 10 consecutive trading days. If the Company is successful in meeting this requirement, the Staff will provide written notification that it has achieved compliance with the Rule.
If compliance with the Rule cannot be demonstrated by September 2,
2008, the Staff will determine whether the Company meets The Nasdaq Capital
Market initial listing criteria as set forth in Marketplace Rule 4310(c),
except for the bid price requirement. If it meets the initial listing
criteria, the Staff will notify the Company that it has been granted an
additional 180 calendar day compliance period. If the Company is not
eligible for an additional compliance period, the Staff will pro
|SOURCE Advanced Life Sciences|
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