Aeterna Zentaris (AEZS) Gets Minimum Bid Notification from Nasdaq
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Aeterna Zentaris Inc. (Nasdaq: AEZS) has received a notice from The NASDAQ Stock Market indicating that the Company's minimum bid price has fallen below $1.00 for 30 consecutive business days, and, therefore, was not in compliance with NASDAQ Marketplace Rule 5450(a)(1). The Company has been provided 180 calendar days, or until November 12, 2012, to regain compliance with the minimum bid price requirement. To regain compliance, the closing bid price of the Company's common stock must be at least $1.00 per share for a minimum of 10 consecutive business days. This notice does not impact the Company's listing on The NASDAQ Global Market at this time.
If the Company does not regain compliance within the initial 180-day period, but otherwise meets the continued listing requirement for market value of publicly held shares and all other initial listing standards for The NASDAQ Capital Market, except for the bid price requirement, and the Company provides NASDAQ with notice of its intention to cure the bid price deficiency, the NASDAQ rules may permit the Company to transfer to The NASDAQ Capital Market, which would give the Company an additional 180 calendar days to regain compliance. If the Company is not eligible for an additional compliance period, NASDAQ will notify the Company that its securities are subject to delisting. At that time, the Company may appeal this determination to delist its securities to a Listing Qualifications Panel.
The Company intends to monitor the bid price for its securities between now and November 12, 2012 and will consider all available options to resolve the deficiency and regain compliance with the minimum bid price requirement.
If the Company does not regain compliance within the initial 180-day period, but otherwise meets the continued listing requirement for market value of publicly held shares and all other initial listing standards for The NASDAQ Capital Market, except for the bid price requirement, and the Company provides NASDAQ with notice of its intention to cure the bid price deficiency, the NASDAQ rules may permit the Company to transfer to The NASDAQ Capital Market, which would give the Company an additional 180 calendar days to regain compliance. If the Company is not eligible for an additional compliance period, NASDAQ will notify the Company that its securities are subject to delisting. At that time, the Company may appeal this determination to delist its securities to a Listing Qualifications Panel.
The Company intends to monitor the bid price for its securities between now and November 12, 2012 and will consider all available options to resolve the deficiency and regain compliance with the minimum bid price requirement.
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