BRANFORD, Conn., Jan. 29 /PRNewswire-FirstCall/ -- CuraGen Corporation (Nasdaq: CRGN), a clinical-stage biopharmaceutical company focused on oncology, today announced that it received a letter, dated January 28, 2008, from The NASDAQ Stock Market, notifying CuraGen that during the preceding 30 consecutive trading days, the closing bid price of CuraGen's common stock has been below the $1.00 minimum bid per share required for continued listing on the NASDAQ Global Market under NASDAQ Marketplace Rule 4450(a)(5).
The NASDAQ letter dated January 28, 2008 has no immediate effect on the listing of CuraGen's common stock. CuraGen is considering alternatives to regain compliance with the continued listing requirements of the NASDAQ Global Market within the initial 180-day period. On January 31, 2008 CuraGen will be hosting a conference call at 11:00 a.m. Eastern time to report fourth quarter and year end 2007 financial results.
The letter stated that, in accordance with NASDAQ Marketplace Rule
4450(e)(2), CuraGen will be provided 180 calendar days, or until July 28,
2008, to regain compliance with the minimum bid price requirement set forth
in NASDAQ Marketplace Rule 4450(a)(5) by maintaining a closing bid price of
$1.00 per share or higher for a minimum of 10 consecutive trading days. If
CuraGen is unsuccessful in meeting the minimum bid requirement during this
initial 180-day period, NASDAQ will provide notice to CuraGen that
CuraGen's common stock will be delisted from the NASDAQ Global Market. If
CuraGen receives such a notice, it may apply to transfer its common stock
to the NASDAQ Capital Market if CuraGen satisfies all criteria for initial
listing on the NASDAQ Capital Market, other than compliance with the
minimum bid price
|SOURCE CuraGen Corporation|
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