Separately, as previously disclosed, on November 4, 2011 iBio received notice from NYSE Amex LLC that it was currently below certain of the Exchange's continued listing standards. The Exchange indicated that its review of iBio's Form 10-K for the year ended June 30, 2011, indicates that iBio was not in compliance with Section 1003(a)(iv), which applies if a listed company has sustained losses that are so substantial in relation to its overall operations or its existing financial resources, or its financial condition has become so impaired that it appears questionable, in the opinion of the Exchange, as to whether iBio will be able to continue operations and/or meet its obligations as they mature.
iBio was afforded the opportunity to submit a plan of compliance to the Exchange by November 28, 2011, that demonstrates its ability to regain compliance with Section 1003(a)(iv) of the NYSE Amex Company Guide by January 25, 2012, and iBio submitted that plan on a timely basis. The plan contemplated, among other things, that iBio would complete an equity offering with gross proceeds of approximately $5 million before January 25, 2012 to regain compliance with Section 1003(a)(iv).
On January 4, 2012, the Exchange notified iBio that it had accepted iBio's plan of compliance and granted iBio an extension until January 25, 2012 to regain compliance with the continued listing standards. iBio will be subject to periodic review by Exchange Staff during the extension period. Failure to make progress consistent with the plan or to regain compliance with the continued listing standards by the end of the extension period could result in the Company being delisted from the NYSE Amex LLC.
While iBio believes that the public offering described above, if completed, will adequately address the Exchange's concerns, iBio will not be in compliance with the Exchange's listing standards until it completes the off
|SOURCE iBio, Inc.|
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