BERKELEY HEIGHTS, N.J., March 27 /PRNewswire-FirstCall/ -- Genta Incorporated (Nasdaq: GNTA) announced that the NASDAQ Listing Qualifications Panel has granted the Company's request for an extension of time to achieve full compliance with the applicable NASDAQ listing requirements. Pursuant to the Panel's decision, the listing of the Company's common stock will be transferred from The NASDAQ Global Market to The NASDAQ Capital Market, effective with the open of trading on Friday, March 28, 2008. The Company will continue to trade under its existing symbol, GNTA.
As disclosed on November 16, 2007 and January 11, 2008, the Company was previously notified by NASDAQ that it no longer satisfied the stockholders' equity requirement for continued listing on The NASDAQ Global Market, as set forth in Marketplace Rule 4350(a)(3). In response, the Company appeared before the Panel at a hearing on February 21, 2008.
The Company's continued listing on The NASDAQ Capital Market is subject to the Company's compliance with certain conditions, including evidence of the Company's ability to sustain compliance with the $2.5 million stockholders' equity requirement, as set forth in Marketplace Rule 4310(c)(3), and the submission of the required transfer application to NASDAQ within the next seven days. The Company currently expects to be able to comply with the Panel's conditions for continued listing on The NASDAQ Capital Market; however, there can be no assurance that the Company will be able to achieve or sustain such compliance.
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
|SOURCE Genta Incorporated|
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