MISSISSAUGA, ON, April 25 /PRNewswire-FirstCall/ - Vasogen Inc. (NASDAQ:VSGN; TSX:VAS), today announced that on April 24, 2008, the Company received a letter from the Listing Qualifications Department of The NASDAQ Stock Market indicating that the minimum closing bid price of its common stock had fallen below $1.00 for 30 consecutive trading days, and therefore, Vasogen was not in compliance with Marketplace Rule 4310(c)(4) (the "Rule"). In accordance with the NASDAQ Marketplace Rule 4310(c)(8)(D), Vasogen is provided a compliance period of 180 calendar days, or until October 21, 2008, to regain compliance with this requirement. If the Rule requirements cannot be demonstrated by October 21, 2008, but Vasogen continues to meet the NASDAQ Capital Market initial listing criteria, other than the bid price, NASDAQ will provide an additional 180 calendar days to meet the Rule requirements. The notice has no effect on the listing of Vasogen's common stock at this time, and its common stock will continue to trade on the NASDAQ Capital Market under the symbol "VSGN", as well as on the Toronto Stock Exchange under the symbol "VAS".
Vasogen can regain compliance with the Rule if the bid price of its
common stock closes at $1.00 or higher for a minimum of ten consecutive
business days during the compliance period, although NASDAQ may, in its
discretion, require the Company to maintain a minimum closing bid price of
at least $1.00 per share for a period in excess of ten consecutive business
days (but generally no more than 20 consecutive business days) before
determining that Vasogen has demonstrated the ability to maintain long-term
compliance. If Vasogen is not eligible for an additional compliance period,
or does not regain compliance during
|SOURCE Vasogen Inc.|
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