NEWARK, Del., Feb. 13, 2013 /PRNewswire/ -- iBio, Inc. (NYSE MKT: IBIO) today announced that it has been notified by the NYSE MKT (the "Exchange") Staff that the Exchange has accepted the Company's plan of compliance which was submitted on December 21, 2012. The plan submitted in December 2012 was in response to the Staff's notice that the Company was not in compliance with the Exchange's continued listing requirement set forth in Section 1003(a)(iii) of the NYSE MKT Company Guide. This rule requires a listed company to have stockholders' equity of at least $6,000,000 if it has experienced net losses in its five most recent fiscal years. In connection with accepting the Company's compliance plan, the Exchange has granted the Company an extension until October 14, 2013 to regain compliance with the $6,000,000 stockholders' equity requirement.
During the extension period, the Company will be subject to periodic review by the Staff of the Exchange. The failure by the Company to make progress consistent with the accepted 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 Exchange.
In addition to the foregoing, the Company expects to receive notice from the Exchange that it does not satisfy the $4,000,000 stockholders' equity requirement set forth in Section 1003(a)(ii) of the NYSE MKT Company Guide following the filing of its Form 10-Q for the quarterly period ended December 31, 2012, since it experienced net losses in three of its most recent four fiscal years. The Company anticipated this when it submitted its compliance plan and designed the compliance plan, which has now been accepted, to address its non-compliance with both the $6,000,00
|SOURCE iBio, Inc.|
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