SOMERSET, N.J., June 26 /PRNewswire-FirstCall/ -- Alfacell Corporation (NASDAQ: ACEL) today announced that it received a non-compliance notice from The NASDAQ Stock Market ("NASDAQ") on June 25, 2008, that states that for the last 10 consecutive trading days the market value of the company's listed securities has been below $35 million as required for continued inclusion on the NASDAQ Capital Market by Marketplace Rule 4310(c)(3)(B).
The June 25, 2008, letter indicates that, in accordance with Marketplace Rule 4310(c)(8)(C), the company will be provided a grace period of 30 calendar days, or until July 25, 2008, to regain compliance with the minimum $35 million market value requirement. NASDAQ staff may determine that the company has regained compliance with Marketplace Rule 4310(c)(3)(B) if at any time before July 25, 2008, the market value of the company's listed securities is $35 million or above for a minimum of 10 consecutive business days. In the event Alfacell does not regain compliance with the minimum market value rule by July 25, 2008, NASDAQ will provide the company with written notification that its common stock will be delisted from the NASDAQ Capital Market. At that time, Alfacell may appeal the delisting determination by NASDAQ's staff to a Listing Qualification Panel.
The letter further advised the company that it had also failed to
comply with the $2.5 million minimum stockholders' equity requirement under
Marketplace Rule 4310(c)(3)(A) and the requirement for a minimum net income
from continuing operations of $500,000 in the most recently completed
fiscal year or in two of the last three most recently completed fiscal
years set forth in the Marketplace Rule 4310(c)(3)(C). For continued
inclusion on the NASD
|SOURCE Alfacell Corporation|
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