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.
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by RTT Staff Writer
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