SOMERSET, N.J., Aug. 1 /PRNewswire-FirstCall/ -- Alfacell Corporation (Nasdaq: ACEL) today announced that it received a NASDAQ staff determination letter on July 29, 2008 notifying the Company that its securities will be delisted from The NASDAQ Capital Market. On June 25, 2008, NASDAQ notified the Company that the market value of its listed securities had been below the minimum $35 million required for continued inclusion on The NASDAQ Capital Market under Marketplace Rule 4310(c)(3)(B) for the previous 10 consecutive trading days. In accordance with Marketplace Rule 4310(c)(8)( C), the Company was provided with a grace period of 30 calendar days, or until July 25, 2008, to regain compliance with the minimum market value requirement. The staff determination letter states that the Company has not regained compliance within the given grace period and as a result, unless the Company requests an appeal of the staff determination, trading of the Company's common stock will be suspended at the opening of business on August 7, 2008, and a Form 25-NSE will be filed with the Securities and Exchange Commission, or the SEC, to remove the Company's securities from listing and registration on NASDAQ.
The staff determination letter further states that the Company may
appeal the delisting determination to a NASDAQ Listing Qualification Panel,
or the Panel, by submitting a hearing request. A hearing request will stay
the suspension of the Company's securities and the filing of the Form
25-NSE pending the Panel's decision, if the Hearings Department receives
the Company's hearing request on or before 4:00pm Eastern Time on August 5,
2008. The Company intends to timely submit a hearing request and to present
its arguments and/or plan of complia
|SOURCE Alfacell Corporation|
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