its outstanding 3.5% Senior Convertible Notes due 2011. Failure to pay
the interest within 30 days of the due date will constitute an event of
default. If an event of default occurs and is continuing, the trustee
or the holders of at least 25% in aggregate principal amount of the
notes then outstanding may declare the notes due and payable at their
principal amount together with accrued interest.
- Nasdaq Notification. deCODE has requested a hearing before a Nasdaq
Listing Qualifications Panel to present a plan for regaining compliance
with Nasdaq Marketplace Rule 4450(b)(1)(A), which requires a minimum
market value of listed securities of $50 million. On October 31, 2008,
deCODE received a Staff Determination Letter from The Nasdaq Stock
Market LLC indicating that the Company had not regained compliance with
this rule during the time period provided by Nasdaq in a previous
notice as disclosed in the Company's press release dated October 6,
2008, and therefore its Common Stock is subject to delisting from The
Nasdaq Global Market at the opening of business on November 11.
Following the hearing request, the Company's common stock will continue
to be listed on The Nasdaq Global Market pending the conclusion of the
hearing process and during any extension period which may be granted by
the Panel. It is expected that the hearing would be held within 45
days. The Panel has discretion to grant an extension not to exceed 180
days from the date of the Staff notification for the Company to regain
compliance with applicable listing standards. There can be no assurance
that the Panel will grant the Company's request for continued listing.
deCODE is a bio-pharmaceutical company developing drugs and DNA-based
tests to improve the tre
|SOURCE deCODE genetics Inc|
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