Targeted Genetics Corporation Receives Additional Notice Regarding Nasdaq Delisting
15 8월 2009 - 5:01AM
Marketwired
Targeted Genetics Corporation (NASDAQ: TGEN) today announced that,
on August 10, 2009, it received a letter from the Nasdaq Stock
Market indicating that the Company has failed to regain compliance
with Nasdaq Listing Rule 5550(a)(2), which requires companies
listed on the Nasdaq Capital Market to maintain a minimum $1.00 bid
price per share. The letter stated that the Company's
non-compliance with the bid price requirement serves as an
additional basis for delisting the Company's common stock from the
Nasdaq Capital Market, in addition to the Company's non-compliance
with the shareholders' equity requirement of Listing Rule 5550(b)
previously announced by the Company.
As previously announced, on July 23, 2009 the Nasdaq staff
notified the Company of its determination to delist the Company's
securities on the grounds of the Company's non-compliance with the
shareholders' equity requirement. The Company appealed the Nasdaq
staff's determination and was granted a hearing before a Nasdaq
hearing panel, and the delisting has been stayed until the hearing
is completed and the panel has issued a written decision. The
Nasdaq hearing panel will consider the Company's non-compliance
with both the shareholders' equity requirement and the bid price
requirement in rendering its decision regarding the Company's
continued listing on the Nasdaq Capital Market. A written decision
is expected within 35 days from the hearing date. There can be no
assurance that, following the hearing, the panel will grant the
Company's request for continued listing on the Nasdaq Capital
Market, or that the Company will be able to regain or maintain
compliance with the Nasdaq listing requirements.
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" if one or more market makers seeks
and obtains approval by the Financial Industry Regulatory Authority
(FINRA) to continue quoting in the Company's common stock. The
over-the-counter market, however, is 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 Company's common stock.
About Targeted Genetics Corporation
Targeted Genetics Corporation is a biotechnology company
committed to the development of innovative targeted molecular
therapies for the prevention and treatment of acquired and
inherited diseases with significant unmet medical need. Targeted
Genetics' proprietary Adeno-Associated Virus (AAV) technology
platform allows it to deliver genes that encode proteins to
increase gene function or RNAi to decrease or silence gene
function. To learn more about Targeted Genetics, visit Targeted
Genetics' website at www.targetedgenetics.com.
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995:
This release contains forward-looking statements, including
statements regarding the Company's potential delisting from the
Nasdaq Capital Market, the process for the Company's appeal of the
Nasdaq staff's determination to delist the Company's securities and
potential trading of the Company's securities on the
over-the-counter market. These statements involve current
expectations, forecasts of future events and other statements that
are not historical facts. Inaccurate assumptions and known and
unknown risks and uncertainties can affect the accuracy of
forward-looking statements and cause actual results to differ
materially from those expected or implied by the forward-looking
statements. Factors that could affect actual future events or
results include, but are not limited to, the risk that the Company
will not be able to sell or otherwise monetize its manufacturing or
other assets or enter into one or more strategic transactions, the
risk that the Company will not be able to raise capital or secure
other financial resources in the very near term and will be
required to cease its operations or otherwise wind up its business,
the risk that the Company will run out of cash earlier than
expected, the risk that the Company will not receive the cash it
expects to receive from its collaborative partners, grants and
other business activities, the risk that the Company will be unable
to regain compliance with the Nasdaq Capital Market listing
requirements for shareholders' equity and/or minimum bid price and
that its appeal to the Nasdaq listing qualifications panel will be
unsuccessful, resulting in the inability of the Company to maintain
its listing on the Nasdaq Capital Market, the risk that an
over-the-counter market will not trade the Company's shares if the
Nasdaq Capital Market delists the Company, the risk that the
Company will be unable to meet its obligations under its Bothell
lease termination agreement, which would result in the Company not
being released from its obligations under the Bothell lease, and
the risk factors described in the section entitled "Risk Factors"
in Part I, Item 1A of the Company's quarterly report on Form 10-Q
for the quarter ended June 30, 2009, filed with the Securities and
Exchange Commission. You should not rely unduly on these
forward-looking statements, which apply only as of the date of this
release. The Company undertakes no duty to publicly announce or
report revisions to these statements as new information becomes
available that may change the Company's expectations.
Investor and Media Contact: Stacie D. Byars 206.660.2588 Email
Contact
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