BERKELEY HEIGHTS, N.J., May 6 /PRNewswire-FirstCall/ -- Genta Incorporated (Nasdaq: GNTA) announced today that the Company has received notification from the NASDAQ Listing Qualifications Panel that the Company had failed to demonstrate its ability to sustain compliance with the minimum stockholders' equity requirement for continued listing on The NASDAQ Capital Markets. The Panel has also determined that de-listing from The NASDAQ Capital Markets will occur at the market open effective Tuesday, May 6, 2008.
In view of this event, the Company intends to move the trading of its common stock from The NASDAQ Capital Markets to the Over-the-Counter Bulletin Board (OTCBB) maintained by FINRA (formerly, the NASD). The Company has been advised that a "market maker" has filed the requisite Form 211 application to quote the Company's securities on the OTCBB with the Financial Industry Regulatory Authority (FINRA). The Company is not aware of any deficiencies in that application, and it is the Company's expectation that FINRA will promptly clear the market maker's application, and that the Company's securities will be eligible for trading on the OTCBB.
The Company plans to make a further announcement on the timing of the transfer to the OTCBB following formal receipt of the FINRA clearance notice. If cleared, quotations for the Company's common stock on the OTCBB will continue under the symbol GNTA. Until such formal notice is received, the Company's common stock will be traded under the symbol GNTA.PK.
Genta Incorporated is a biopharmaceutical company with a diversified
product portfolio that is focused on delivering innovative products for the
treatment of patients with cancer. Two major programs anchor the
|SOURCE Genta Incorporated|
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