- Company Will Request Hearing to Present Plans for Regaining Compliance -
- NASDAQ Hearing Panel Has Discretion to Grant Peregrine Up to an
Additional 180 Days to Regain Compliance - - Peregrine Currently Meets All Other NASDAQ Capital Market Initial Listing
Requirements Other Than the $1.00 Minimum Bid Price Rule -
TUSTIN, Calif., July 23 /PRNewswire-FirstCall/ -- Peregrine Pharmaceuticals, Inc. (Nasdaq: PPHM), today announced that it received a Staff Determination letter from the Nasdaq Stock Market (NASDAQ) on July 22, 2008 indicating that the company is not in compliance with the $1.00 minimum bid price requirement for continued listing set forth in NASDAQ Marketplace Rule 4310(c)(4). As a result, the company's common stock would be subject to delisting from the NASDAQ Capital Market unless Peregrine requests a hearing before the NASDAQ Listing Qualifications Panel (the "Panel"). Peregrine intends to request a hearing before the Panel, which will stay the delisting of the company's securities pending the Panel's decision. Rule 4805(a) provides that all hearings shall be scheduled, to the extent practicable, within 45 days of the date that the request for hearing is filed.
At the hearing, Peregrine intends to request continued listing on the
NASDAQ Capital Market based upon its plan for regaining compliance with the
minimum bid price requirement. Pursuant to NASDAQ Marketplace Rule 4802(b),
the Panel has the authority to grant Peregrine up to an additional 180 days
from the date of the Staff Determination letter of July 22, 2008 (i.e.
January 19, 2009) to implement its plan of compliance, which could include
a reverse stock split if the price has not exceeded $1.00 per share for 10
|SOURCE Peregrine Pharmaceuticals, Inc.|
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