SEATTLE, Sept. 6 /PRNewswire-FirstCall/ -- Cell Therapeutics, Inc. (CTI) (Nasdaq: CTICD; and MTA: CTIC) announced that today, the Company received a letter from the Listing Qualifications Staff of The NASDAQ Stock Market LLC indicating that the Company is not in compliance with the $50,000,000 minimum market value of listed securities requirement set forth in NASDAQ Marketplace Rule 4450(b)(1)(A). Furthermore, the Company does not comply with NASDAQ Marketplace Rule 4450(b)(1)(B), which is an alternative to Rule 4450(b)(1)(A), and requires total assets and revenue of $50,000,000 each for the most recently completed fiscal year or two of the last three most recently completed fiscal years.
If the Company does not regain compliance by October 6, 2008, the Staff will notify the Company that its securities will be delisted. However, the Company may appeal the Staff's determination to delist its securities to a Listing Qualifications Panel. Alternatively, in the event the Company does not believe that it will be able to regain compliance, the Company intends to apply to transfer its securities to the NASDAQ Capital Market, which would continue to allow trading in the Company's securities.
The Company has been provided 30 calendar days, or until October 6, 2008, to regain compliance. The Staff advises that such compliance can be achieved if, at any time before October 6, 2008, the market value of the listed securities of the Company's common stock is $50,000,000 or more for a minimum of 10 consecutive business days.
About Cell Therapeutics, Inc.
Headquartered in Seattle, CTI is a biopharmaceutical company committed
to developing an integrated portfolio of oncology products aimed at making
cancer more treatable. For
|SOURCE Cell Therapeutics, Inc.|
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