Catalyst Pharmaceutical Receives Non-compliance Letter From Nasdaq

Trade CPRX now with

6/21/2012 12:51 PM ET

Catalyst Pharmaceutical Partners, Inc. (CPRX: Quote) said Thursday that it received a Nasdaq Staff Deficiency Letter indicating that the company is not in compliance with the Minimum Bid Price requirement set forth for continued listing on the Nasdaq Capital Market.

As per the Nasdaq listing rules,a listed company must maintain a minimum bid price of $1.00 per share always. But based upon the closing price for the last 30 consecutive business days, the company was unable to meet this requirement.

In such a case, the listing rules provides the company with a grace period option to regain compliance within 180 days.

If the company shares closes at or above $1.00 per share for a minimum of ten consecutive business days during the grace period, the Nasdaq will provide the company with a written confirmation of compliance.

However, if the company is unable to regain compliance within the period, it may be eligible for an additional 180-day grace period, provided it meets the other initial standards for listing on the Nasdaq Capital Market at that time.

Catalyst Pharmaceutical said that it understands the Nasdaq requirements and believes that it will be able to regain compliance with the Rules within the allotted grace period.

To receive FREE breaking news email alerts for Catalyst Pharmaceutical Partners Inc. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

67 Articles Next>>

Editors Pick

Gap Profit Climbs 43%

Gap Inc. Thursday after the markets closed that its first quarter profit rose 43% from last year, helped by higher sales and improved margins. The company's quarterly earnings per share also came in above analysts' expectations as did its quarterly sales. At the same time, the company eaffirmed its fiscal year 2013 earnings outlook, which is below analysts' current consensus estimate.

Stocks Close Modestly Lower But Well Off Worst Levels - U.S. Commentary

After moving sharply lower at the start of trading on Thursday, stocks showed a substantial recovery attempt over the course of the trading day. The rebound came as upbeat housing data helped offset worries about the Federal Reserve. The major averages climbed well off their worst levels of the day but still ended the session in the red.

Obama Outlines Counterterrorism Policy To Confront Shifting Threats

President Barack Obama delivered a highly-anticipated speech on his administration's evolving counterterrorism policies on Thursday, suggesting that the U.S. needs to move away from a "boundless global war on terror." More than a decade after the 9/11 attacks, Obama argued that the terrorist threat has shifted and evolved.