Keryx Biopharmaceuticals, Inc. Requests an Appeal Hearing After Receiving Notice of Delisting F...( NEW YORK March 9 /- Keryx Biopharmace...),Health
NEW YORK, March 9 /PRNewswire-FirstCall/ -- Keryx Biopharmaceuticals, Inc. (Nasdaq: KERX) today announced that it has requested a hearing to appeal to a Listings Qualification Panel ("Panel") the determination of The Nasdaq Stock Market to delist the Company's common stock from The Nasdaq Capital Market due to noncompliance with Nasdaq Marketplace Rule 4310(c)(3), which requires the Company to have a minimum of $2,500,000 in stockholders' equity, or $35,000,000 market value of listed securities, or $500,000 of net income from continuing operations for the most recently completed fiscal year or two of the three most recently completed fiscal years, for continued listing on The Nasdaq Capital Market. A hearing request by the Company automatically postpones the delisting of the Company's securities pending issuance of the Panel's decision. The Company expects to have a hearing date scheduled in the next 45 days.
The Staff of The Nasdaq Stock Market previously granted the Company a 105-day extension to regain compliance with Marketplace Rule 4310(c)(3). In an appeal, the Company will be asking that the Panel provide additional time to regain compliance with Nasdaq Marketplace Rule 4310(c)(3). There can be no assurance that such a request will be granted or that the Panel will permit the Company to continue to list its common stock on The Nasdaq Capital Market.
If the Company is delisted from The Nasdaq Capital Market, its common stock may be traded over-the-counter on the OTC Bulletin Board or in the "pink sheets." These alternative markets, however, are generally considered to be less efficient than the Nasdaq Capital Market. Many over-the-counter stocks trade less frequently and in smaller volumes than securities traded on the Nasdaq markets, which would likely have a material adverse effect on the liquidity and value of the C
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