BETHESDA, Md., May 22 /PRNewswire-FirstCall/ -- Spherix Incorporated (Nasdaq: SPEX), an innovator in biotechnology for diabetes therapy and a provider of technical and regulatory consulting services to food, supplement, biotechnology and pharmaceutical companies, today announced that it has fully regained compliance with all requirements for continued listing on the NASDAQ Capital Market as described below.
Independent Director Requirement
On May 18, 2009, the Company received notification from NASDAQ confirming that it has regained compliance with the independent director requirement. NASDAQ's determination was based on the Company's appointment of Thomas B. Peter to the Company's Board of Directors. Mr. Peter has spent more than 33 years working at GlaxoSmithKline, where he was most recently a Regional Vice President.
Mr. A. Paul Cox, Jr., one of Spherix's independent directors, passed away on April 13, 2009. On April 23, 2009, NASDAQ had notified the Company that it was no longer in compliance with the NASDAQ Listing, which requires that a majority of the board of directors be composed of independent directors.
Minimum Bid Price Requirement
On May 20, 2009, the Company received notification from NASDAQ confirming that it has regained compliance with the minimum bid price requirement.
On July 21, 2008, NASDAQ had notified the Company that its common stock failed to maintain a minimum bid price of $1.00 over the previous 30 consecutive business days as required by the NASDAQ Listing Rules.
The above matters are now closed and the Company currently complies with all applicable standards for continued listing on the NASDAQ Capital Market.
Spherix Incorporated was launched in 1967 as a sc
|SOURCE Spherix Incorporated|
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