EMERYVILLE, Calif., Sept. 19, 2011 /PRNewswire/ -- Bionovo, Inc. (NASDAQ: BNVI), a pharmaceutical company focused on the discovery and development of safe and effective treatments for women's health and cancer, today announced that, on September 14, 2011, the company received a letter from Nasdaq granting an additional 180 day period to regain compliance with Nasdaq's Bid Price Rule.
The Company had first been notified on March 14, 2011, that, for the prior 30 consecutive business days, the bid price of its common stock had closed below the minimum $1.00 per share requirement for continued listing on the Nasdaq Capital Market. The letter stated that the company had been provided a period of 180 calendar days, or until September 12, 2011, to regain compliance. The letter also stated that, in the event the Company did not regain compliance with the Rule within the 180 day period, the Company would be eligible for additional time, if the Company met the continued listing requirement for market value of publicly held shares and all other initial listing standards. In its letter dated September 14th, Nasdaq informed the Company that it has been granted an additional 180 calendar days, or until March 12, 2012.
If, at anytime before March 12, 2011, the bid price of the common stock closes at $1.00 per share or more for a minimum of 10 consecutive business days, Nasdaq will provide written notification that compliance has been regained, and the matter will be closed.
If compliance cannot be demonstrated by March 12, 2012, Staff will provide written notification that the Company's securities will be delisted. At that time, the Company may appeal Staff's determination to a Hearings Panel (the "Panel"). Please note that if the Company appeals, it will be asked to provide a plan to regain compliance to the Panel, and that historically Panels have generally vie
|SOURCE Bionovo, Inc.|
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