MONTVALE, N.J., April 4, 2008 /PRNewswire-FirstCall/ -- Memory Pharmaceuticals Corp. (Nasdaq: MEMY) today announced that on April 2, 2008, it received notice from The Nasdaq Stock Market stating that the Company is no longer in compliance with the minimum $10.0 million stockholders' equity requirement for continued listing on The Nasdaq Global Market under Marketplace Rule 4450(a)(3). As reported in the Company's Annual Report on Form 10-K for the year ended December 31, 2007, the Company's stockholders' equity was $8.3 million.
In the letter, Nasdaq staff requested that the Company provide, on or before April 17, 2008, a plan to achieve and sustain compliance with all of The Nasdaq Global Market listing requirements, including the minimum stockholders' equity requirement, and the time frame required to complete the plan. The Company is preparing its plan for submission to Nasdaq by the specified date.
If, after the conclusion of the Nasdaq staff's review process, the staff determines that the Company has not presented an appropriate definitive plan, the staff will provide the Company with a written notification that its securities will be delisted from The Nasdaq Global Market. The Company may then appeal the Nasdaq staff's delisting determination to the Nasdaq Listing Qualifications Panel.
The notification letter has no effect at this time on the continued listing of Memory Pharmaceuticals' common stock 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
|SOURCE Memory Pharmaceuticals Corp.|
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