NEW YORK, August 28 /PRNewswire-FirstCall/ -- XTL Biopharmaceuticals Ltd. (NASDAQ: XTLB; LSE: XTL; TASE: XTL), a biopharmaceutical company engaged in the acquisition, development and commercialization of therapeutics for the treatment of unmet medical needs, particularly neuropathic pain and hepatitis C, today announced the receipt on August 23, 2007, of a NASDAQ Staff Deficiency Letter indicating that, according to the Company's financial statements for the six months ended June 30, 2007, XTL no longer complies with the minimum $10 million shareholders' equity requirement for continued listing on The NASDAQ Global Market as set forth in Marketplace Rule 4450(a)(3).
The Company intends to respond to NASDAQ with information that may enable the Company to maintain its listing on The NASDAQ Global Market; however, if the Company's plan for compliance is not satisfactory, the Company has the option to transfer its ADR listing to the NASDAQ Capital Market, previously called the NASDAQ SmallCap Market.
The NASDAQ Capital Market is a continuous trading market that operates in the same manner as The NASDAQ Global Market. The NASDAQ Capital Market is not related to, nor does it operate similarly to the over-the-counter markets including the OTCBB and Pink Sheets. Should the Company transfer its ADR listing to The NASDAQ Capital Market, its trading symbol on NASDAQ would remain "XTLB," and the Company does not expect any interruption in the trading of its ADRs.
The NASDAQ Capital Market includes over 500 issuers of a wide range of
capitalization sizes. A NASDAQ Capital Market security satisfies all
applicable qualification requirements for NASDAQ securities, and all
companies listed on The NASDAQ Capital Marke
|SOURCE XTL Biopharmaceuticals Ltd|
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