The common stock has been traded on the NASDAQ Capital Market under the symbol "VRMLD" beginning on March 4, 2008, to designate that it is trading on a post-reverse-split basis, and will resume trading under the symbol "VRML" on April 2, 2008.
The Company also announced today that, on March 25, 2008, the Company received a letter from the Listing Qualifications Staff of NASDAQ (the "Staff Determination") notifying the Company that, based upon the Company's non-compliance with the $35 million market value of listed securities requirement for continued listing on The NASDAQ Capital Market, as set forth in NASDAQ Marketplace Rule 4310(c)(3)(B), the Company's securities are subject to delisting from NASDAQ unless the Company requests a hearing before a NASDAQ Listing Qualifications Panel (the "NASDAQ Panel").
The Company plans to timely request a hearing before a NASDAQ Panel, which will stay any action with respect to the Staff Determination until such NASDAQ Panel renders a decision subsequent to the hearing. The Company anticipates that the hearing will be scheduled to occur within the next 45 days. There can be no assurance that such NASDAQ Panel will grant the Company's request for continued listing.
The Staff Determination follows correspondence from NASDAQ dated February 22, 2008, which was disclosed by the Company on February 27, 2008, that, should the Company fail to regain compliance with the market value of listed securities requirement by March 24, 2008, NASDAQ would provide written notification of such and the opportunity to request a hearing before the NASDAQ Panel.
The Company also announced today that that in its 2007 financial
statements to be included in the Company's Annual Report on Form 10-K,
which the Company expects will be filed on March 31, 2008, the audit
opinion of PriceWaterhouseCoopers LLP will contain a "going concern"
|SOURCE Vermillion, Inc.|
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