- Company to Request a Hearing -
MONTVALE, N.J., June 9 /PRNewswire-FirstCall/ -- Memory Pharmaceuticals Corp. (Nasdaq: MEMY) today announced that on June 6, 2008 it received a letter from the NASDAQ Listing Qualifications Department notifying the Company that, because it has not regained compliance with the $1.00 bid price requirement set forth in Marketplace Rule 4450(a)(5), its securities are subject to delisting from The NASDAQ Global Market, unless the Company requests a hearing. The Company intends to request a hearing before the NASDAQ Listing Qualifications Panel, which will automatically stay the delisting of the Company's securities until the Panel issues a decision following the hearing.
At the hearing, the Company expects to present its plan to achieve and sustain compliance with all requirements for continued listing, including the minimum stockholders' equity requirement. As set forth in the Company's proxy statement dated May 19, 2008 relating to its 2008 Annual Meeting of Stockholders, the Company is requesting stockholder approval to effect a reverse stock split to remedy the bid price deficiency. As previously announced, the Company has also been notified by NASDAQ that it is currently below the $10.0 million stockholders' equity requirement for continued listing on The NASDAQ Global Market.
About the Company
Memory Pharmaceuticals Corp., a biopharmaceutical company, is focused
on developing innovative drugs for the treatment of debilitating CNS
disorders, many of which exhibit significant impairment of memory and other
cognitive functions, including Alzheimer's disease and schizophrenia. For
additional information, please visit our website at
|SOURCE Memory Pharmaceuticals Corp.|
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