NovaDel Pharma (NVD) Announces Voluntary Delisting from NYSE Amex
NovaDel Pharma Inc. (NYSE AMEX: NVD) notified NYSE Amex LLC of its intent of voluntarily delist its common stock from the Exchange. The Company anticipates that the delisting will be effective 10 days after filing of the Form 25, "Notification of Removal from Listing." The Company intends to file Form 25 on or after December 14, 2009. The Board of Directors of the Company approved the voluntary delisting of the Company's common stock on October 15, 2009. Upon delisting from the Exchange, the Company intends to have its common stock quoted on the OTC Bulletin Board ("OTCBB").
The Company previously received notice that it was not in compliance with certain NYSE Exchange continued listing standards. Specifically, the Company is not in compliance with Section 1003(a)(i) of the Exchange Guide with stockholders' equity of less than $2,000,000 and losses from continuing operations and net losses in two of its three most recent fiscal years...As of the date hereof, the Company has not been able to regain compliance of the Sections previously noted. Even though the Company has made significant progress towards compliance, our ability to quickly cure the stockholders' equity requirement of $6,000,000 or more is not readily attainable.
Management believes that the price of the Company's common stock will continue to be determined by investors based on its progress in licensing activities and further development of its product pipeline.
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The Company previously received notice that it was not in compliance with certain NYSE Exchange continued listing standards. Specifically, the Company is not in compliance with Section 1003(a)(i) of the Exchange Guide with stockholders' equity of less than $2,000,000 and losses from continuing operations and net losses in two of its three most recent fiscal years...As of the date hereof, the Company has not been able to regain compliance of the Sections previously noted. Even though the Company has made significant progress towards compliance, our ability to quickly cure the stockholders' equity requirement of $6,000,000 or more is not readily attainable.
Management believes that the price of the Company's common stock will continue to be determined by investors based on its progress in licensing activities and further development of its product pipeline.
[SM]
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