SAN DIEGO, Dec. 20, 2013 /PRNewswire/ -- Cardium Therapeutics (NYSE MKT: CXM) today provided an update on its exchange listing. As previously reported, a communication from the staff of the company's current listing exchange, NYSE MKT, indicated that the company was considered to be noncompliant with certain listing requirements based on its quarterly report for the period ended September 30, 2012, and provided that the company should submit a plan to staff of the exchange that would reestablish compliance with the NYSE MKT listing requirement by March 31, 2013, which has since been extended on a quarterly basis based on the company's ongoing progress with its compliance plan. In addition, based on the company's quarterly report on Form 10-Q filed on November 19, 2013, noncompliance was noted with respect to Section 1003(a)(iii) of the company guide which requires the maintenance of stockholders' equity in excess of $6.0 million. Accordingly, the exchange has invited the company to submit an additional plan of compliance by January 6, 2014, pursuant to which the company would expect to regain compliance by May 30, 2014.
The notification received from the listing exchange had no current effect on the listing of the company's shares on the exchange. Rather the Company has been afforded the opportunity to regain compliance with the requirements of the exchange's company guide by the end of the applicable periods on December 31, 2013 (with respect to Section 1003(a)(iv)) and, if a revised plan is accepted, by May 30, 2014 (with respect to Section 1003(a)(iii)). As is normal course, however, the Company's exchange compliance will continue to be evaluated on an ongoing basis. Additional information and provisions regarding the NYSE MKT requirements are found in Part 10 of its company guide. The Company will be subject to periodic review by the exchange staff during the period covered by the plan.
|SOURCE Cardium Therapeutics|
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