VeriChip Corporation Receives Nasdaq Notices Related to Listing Requirements
24 10์ 2008 - 10:00PM
Business Wire
VeriChip Corporation (the ๏ฟฝCompany๏ฟฝ) (NASDAQ: CHIP), a provider of
radio frequency identification (RFID) systems for healthcare and
patient-related needs, today announced that it received notice on
October 21, 2008, from The Nasdaq Stock Market (the ๏ฟฝNasdaq๏ฟฝ)
indicating that the Company is not in compliance with the Nasdaq๏ฟฝs
requirements for continued listing because, for the 30 consecutive
business days prior to October 16, 2008, the bid price of the
Company๏ฟฝs common stock closed below the minimum $1.00 per share
price requirement for continued listing under Nasdaq Marketplace
Rule๏ฟฝ4450(a) (the ๏ฟฝRule๏ฟฝ), and the Company๏ฟฝs common stock had not
maintained a minimum market value of publicly held shares (๏ฟฝMVPHS๏ฟฝ)
of $5,000,000 as required for continued inclusion by the Rule. Due
to the recent volatility in U.S. and world financial markets, the
Nasdaq has determined to suspend enforcement of the bid price and
MVPHS requirements through Friday, January 16, 2009. These rules
are scheduled to be reinstated on Monday, January 19, 2009 and the
first relevant trade date will be Tuesday, January 20, 2009.
Following the reinstatement of these rules, VeriChip will be
provided 90 calendar days from January 20, 2009, or until April 20,
2009, to regain compliance with the MVPHS rule and 180 calendar
days, or until July 20, 2009, to satisfy the minimum share price
requirement, if VeriChip hasn๏ฟฝt already regained compliance. If
Nasdaq determines to extend the period during which the MVPHS and
bid price requirements are suspended, the expiration dates of the
grace periods affecting the Company may be further out in time. If,
at anytime before April 20, 2009, the MVPHS of the Company๏ฟฝs common
stock is $5,000,000 or greater for a minimum of 10 consecutive
trading days or if at anytime before July 20, 2009 the bid price of
the Company๏ฟฝs common stock closes at $1.00 per share or greater for
a minimum of 10 consecutive business days, Nasdaq will provide
written notification that the Company complies. If the Company does
not meet the MVPHS or the minimum share price requirement, the
Company may apply to transfer its securities to The Nasdaq Capital
Market if it satisfies the requirements for continued inclusion. If
the Company submits a transfer application and pays the applicable
listing fees by April 20, 2009 or July 20, 2009, as applicable, the
initiation of the delisting procedures will be stayed pending the
Nasdaq๏ฟฝs review of the application. About VeriChip Corporation
VeriChip Corporation, headquartered in Delray Beach, Florida,
markets its VeriMed๏ฟฝ Health Link System for rapidly and accurately
identifying people who arrive in an emergency room and are unable
to communicate. This system uses the first human-implantable
passive RFID microchip, cleared for medical use in October 2004 by
the United States Food and Drug Administration. For more
information on VeriChip, please call 1-800-970-2447, or e-mail
info@verichipcorp.com. Additional information can be found online
at www.verichipcorp.com. Statements about VeriChip๏ฟฝs future
expectations, including its ability to meet the Nasdaq๏ฟฝs listing
criteria as set forth in Marketplace Rule 4450, and all other
statements in this press release other than historical facts are
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933, Section 21E of the Securities Exchange
Act of 1934, and as that term is defined in the Private Litigation
Reform Act of 1995. Such forward-looking statements involve risks
and uncertainties and are subject to change at any time, and
VeriChip๏ฟฝs actual results could differ materially from expected
results. Additional information about these and other factors that
could affect the Company๏ฟฝs business is set forth in the Company๏ฟฝs
various filings with the Securities and Exchange Commission,
including those set forth in the Company๏ฟฝs 10-K filed on March 28,
2008, as amended, under the caption ๏ฟฝRisk Factors.๏ฟฝ The Company
undertakes no obligation to update or release any revisions to
these forward-looking statements to reflect events or circumstances
after the date of this statement or to reflect the occurrence of
unanticipated events, except as required by law.
Verichip (MM) (NASDAQ:CHIP)
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Verichip (MM) (NASDAQ:CHIP)
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