logo
Share SHARE
FONT-SIZE Plus   Neg

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

Specialty pharmaceutical company NeurogesX Inc. (NGSX: Quote) 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
Social game developer Zynga Inc. said Wednesday after the markets closed that its first quarter loss narrowed from last year, as revenue increased and costs and expenses fell. The company's quarterly adjusted loss per share was also narrower than analysts estimated and its quarterly revenue beat analysts' forecast. Twenty-First Century Fox reported a better-than-expected third-quarter profit, on growth at its cable and film entertainment business, partly offset by the absence of Super Bowl as well as currency headwinds. Activision Blizzard Inc. (ATVI) on Wednesday reported a surge in profit for the first quarter, as revenues increased reflecting strong growth in digital business with the video game publisher's profit and revenues topping Wall Street estimates. Moving ahead, the company detailed a weak outlook for...
comments powered by Disqus
Follow RTT