SEATTLE, Oct. 10 /PRNewswire-FirstCall/ -- Cell Therapeutics, Inc. (CTI) (Nasdaq and MTA: CTIC) announced today that the Company intends to request a hearing with the NASDAQ Listing Qualifications Panel to present a plan for regaining compliance with NASDAQ Marketplace Rule 4450(b)(1)(A), which requires a minimum market value of listed securities of $50 million. CTI received a Staff Determination Letter from The NASDAQ Stock Market LLC on October 7, 2008 indicating that the Company had not regained compliance with this rule during the time period provided by NASDAQ in a previous notice as disclosed in the Company's press release dated September 6, 2008, and therefore does not currently meet the continued listing requirements for The NASDAQ Global Market. Accordingly, the Company's common stock would be subject to delisting from The NASDAQ Global Market unless the Company requests a hearing before the NASDAQ Listing Qualifications Panel. Following the hearing request, the Company's common stock will continue to be listed on The NASDAQ Stock Market pending the conclusion of the hearing process and during any extension period which may be granted by the Panel. It is expected that the hearing would be held within 45 days and that the Panel has discretion to grant an extension not to exceed 180 days from the date of the Staff notification. The Company believes that the notice and any decision by the Panel will have no effect on the ability to trade the securities on the Borsa Italiana.
Alternatively, the Company may apply to transfer its securities to The NASDAQ Capital Market which maintains a lower threshold of financial, qualitative and liquidity requirements if it satisfies the continued inclusion requirements for that market, which include a minimum aggregate market value of listed securities of $35 million. The NASDAQ Capital Market is a continuous trading market that operates in the same manner as The NASDAQ Global Market.
As of October 9, 200
|SOURCE Cell Therapeutics, Inc.|
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