SAN DIEGO, April 15 /PRNewswire-FirstCall/ -- Cardium Therapeutics (NYSE Amex: CXM) provided an update regarding its exchange listing compliance plan which has been accepted by the NYSE Amex (formerly the American Stock Exchange).
As reported on December 30, 2008, Cardium received notification from the staff of its current listing exchange indicating that the company was considered to be noncompliant with certain listing requirements of the NYSE Alternext. Based on the company's quarterly report on Form 10-Q, which was filed on November 10, 2008, noncompliance was noted with respect to the requirements for minimum stockholders' equity and maintenance of a sufficient base of financial resources to support expected activities, under sections 1003(a)(i) and (iv), respectively, of the exchange's current company guide, as described in more detail in the company's report on Form 8-K which was filed on December 30, 2008.
The notification on December 30, 2008 had no current effect on the listing of the company's shares on the exchange. Rather, the company was afforded the opportunity to submit a proposed plan to the exchange by January 23, 2009, pursuant to which the company could establish compliance with the requirements of section 1003(a)(iv) by March 23, 2009, and in compliance with all sections, including section 1003(a)(i), by June 23, 2010. The company submitted its plan on January 23, 2009.
On February 17, 2009, the exchange notified Cardium that it had accepted the company's plan of regaining compliance with the requirements of section 1003(a)(iv) by March 23, 2009, and with all sections, including section 1003(a)(i), by June 23, 2010.'/>"/>
|SOURCE Cardium Therapeutics|
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