CytRx (CYTR) Announces Favorable Ruling from NASDAQ Panel, Announces Extension

April 23, 2012 8:34 AM EDT
CytRx Corporation (Nasdaq: CYTR) today announced that it has received a favorable ruling from the NASDAQ Hearings Panel, whereby the Panel has granted the Company’s request to remain listed on The NASDAQ Capital Market.

CytRx’s continued listing on NASDAQ is conditioned upon the Company demonstrating compliance with the minimum bid price requirement, as set forth in Listing Rule 5550(a)(2), by May 30, 2012, and also remaining in compliance on that date with NASDAQ’s other continued listing requirements. Specifically, the Company must evidence a closing bid price for its common stock of at least $1.00 per share for a minimum of 10 consecutive business days by the close of business on May 30, 2012. The Panel’s favorable determination follows a hearing that took place on April 5, 2012.

The Company has requested in its Definitive Proxy Statement filed with the Securities and Exchange Commission on April 2, 2012 that its stockholders approve a proposal for a reverse split of the Company’s common stock in order to maintain the listing of its common stock on The NASDAQ Capital Market. The stockholder vote on the reverse stock split proposal will be announced at the Company’s 2012 Annual Meeting of Stockholders to be held on Monday, May 14, 2012 in Los Angeles, California.

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