logo
Share SHARE
FONT-SIZE Plus   Neg

NeurogesX Receives Letter From Nasdaq For Non-Compliance With Listing Rule

Specialty pharmaceutical company NeurogesX Inc. (NGSX) said Friday it received a determination letter from the NASDAQ Stock Market LLC indicating that it has not regained compliance with a NASDAQ Listing Rule which requires companies to maintain a minimum market capitalization of $50 million for continued listing.

The letter states that unless the company requests a hearing before a NASDAQ Listing Qualifications Panel, trading in the company's stock on The NASDAQ Global Market will be suspended on April 26, 2012. The Company has until April 24 to request a hearing.

The company said it plans to request a hearing before the Panel, at which it will seek continued listing pending its return to compliance with the listing requirements on either The NASDAQ Global Market or The NASDAQ Capital Market.

Pursuant to the NASDAQ Listing Rules, the Nasdaq Panel has the discretion to grant up to an additional 180 day period for the cCompany to regain compliance.

As a result of the hearing request, any delisting or suspension action will be stayed until the conclusion of the hearing process and the expiration of any extension granted by the Panel. However, the company said there can be no assurance that the Panel will grant its request for continued listing.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Bank of Nova Scotia or otherwise known as Scotiabank, Friday reported lower net profit for the third quarter, in the absence of a year-ago gain. Earnings per share, however, came in line with the Street view. Further, the company said it raised its quarterly dividend by 2 cents. Non-traditional discount and variety stores operator Big Lots Inc. (BIG) Friday reported a decline in net profit for the second quarter, while net sales grew 1.2 percent from the prior year. Comparable sales for the quarter increased 2.8 percent. Google has rejected the European Union's charges that it abused its market power and the demanded that it change the way it ranks online comparison shopping services in its search results, setting up a potentially long legal battle with the EU regulator empowered to levy billions of euros in fines
comments powered by Disqus
Follow RTT