WORCESTER, Mass., Sept. 16 /PRNewswire/ -- Generex Biotechnology Corporation (Nasdaq: GNBT, www.generex.com) today announced that the sole matter for consideration by stockholders at the special meeting of stockholders being held tomorrow, September 17, 2010, will be to approve a proposal to adjourn the special meeting to a later date.
As previously disclosed in Generex's proxy statement dated August 23, 2010, Generex received a delisting determination letter from the staff of The Nasdaq Stock Market in May 2010 due to Generex's failure to regain compliance with The Nasdaq Capital Market's minimum bid price requirement for continued listing. Generex appealed the determination, and the Nasdaq Hearings Panel granted Generex's request to remain listed on The Nasdaq Stock Market, subject to certain conditions, including obtaining shareholder approval on or before July 28, 2010 to implement a reverse stock split in a ratio sufficient to meet the $1.00 bid price requirement for continued listing. At Generex's annual meeting held on July 28, 2010, the reverse stock split proposal was not approved because it fell short of the required threshold of at least 50% of the total shares outstanding voting in favor even though 60.62% of the voting stockholders voted in favor of the reverse stock split proposal. Generex reported the results of the annual meeting to the Nasdaq Hearings Panel, and requested additional time to hold the special meeting dedicated to approving the reverse stock split.
On September 14, 2010, the Nasdaq Hearings Panel granted Generex's further request for continued listing, subject to certain conditions. These conditions include informing the Panel on or about October 15, 2010 that we have obtained shareholder approval to implement a reverse stock split in a ratio sufficient to meet the $1.00 bid price and demonstrating on or before November 2, 2010 a closing bid price of $1.00
|SOURCE Generex Biotechnology Corporation|
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