Cyclacel Pharmaceuticals (CYCC) Receives Non-Compliance Notification From NASDAQ
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Cyclacel Pharmaceuticals, Inc. (Nasdaq: CYCC) received a Nasdaq Staff Deficiency Letter on October 27, 2009 indicating that the Company fails to comply with the minimum bid price requirement for continued listing set forth in Marketplace Rule 5450(a)(1). The letter gives Cyclacel notice that the Company's bid price of its common stock has closed under $1.00 for the last 30 business days.
The Nasdaq notice has no effect on the listing of the Company's common stock at this time. Pursuant to Nasdaq Marketplace Rule 5810(c)(3)(A), the Company has an initial period of 180 calendar days, or until April 26, 2010, to regain compliance. The letter states the Nasdaq staff will provide written notification that the Company has achieved compliance with Rule 5450(a)(1) if at any time before April 26, 2010, the bid price of the Company's common stock closes at $1.00 per share or more for a minimum of 10 consecutive business days.
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The Nasdaq notice has no effect on the listing of the Company's common stock at this time. Pursuant to Nasdaq Marketplace Rule 5810(c)(3)(A), the Company has an initial period of 180 calendar days, or until April 26, 2010, to regain compliance. The letter states the Nasdaq staff will provide written notification that the Company has achieved compliance with Rule 5450(a)(1) if at any time before April 26, 2010, the bid price of the Company's common stock closes at $1.00 per share or more for a minimum of 10 consecutive business days.
[SM]
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