Aastrom Receives Letter from NASDAQ (NASDAQ:ASTM)

By Mike Brown on 10/08/2009 – 7:00 am PST -- Biotech

One of the leading developer of autologous cell products for the treatment of chronic cardiovascular diseases, Aastrom Biosciences Inc has announced that they have received a Staff Determination letter from the NASDAQ stock market which mentioned that the Company has so far not regained compliance with the $1.00 minimum losing bid price requirement as mentioned in the NASDAQ Listing Rule 5550 (a) (2). As a result, Aastrom’s common stock would be subject to delisting from the NASDAQ Capital Market on October 13, 2009 unless Aastrom Biosciences Inc requests a hearing before a NASDAQ Hearings Panel.

Aastrom Bioscience Inc has intended to request an oral hearing before the Panel within the timeframe provided by the NASDAQ, to avoid the delisting of the Company’s securities. Also, Aastrom has decided to request continued listing on the NASDAQ Capital Market based upon its plan for regaining compliance with the minimum bid price requirement. The Panel has the authority to grant Aastrom up to an additional 180 days from the date of Staff Determination letter to implement its plan of compliance. NASDAQ has further provided guidance to Aastrom stating that they will schedule the hearing within 45 days of the date of request filed by Aastrom.

  • http://repairstemcell.wordpress.com David Granovsky

    It is my understanding that they have requested the oral hearing within the timeframe (prior to Oct 14th):
    “Aastrom intends to request an oral hearing before the Panel within the timeframe provided by NASDAQ, which will stay the delisting of the Company’s securities.”

    The next step is for Nasdaq to schedule the hearing within 45 days of oct 14:
    “NASDAQ has provided guidance that to the extent practicable, it will schedule the hearing within 45 days of the date that the request for hearing is filed by Aastrom.”

    “At the hearing, Aastrom intends to request continued listing on the NASDAQ Capital Market based upon its plan for regaining compliance with the minimum bid price requirement. The Panel has the authority, if it deems appropriate, to grant Aastrom up to an additional 180 days from the date of the Staff Determination letter of October 2, 2009, or until March 31, 2010, to implement its plan of compliance. The letter notes that the Company may wish to consider presenting a plan that includes a discussion of the events that it believes will enable it to regain compliance in this time frame, along with a commitment to effect a reverse stock split, if necessary.”

    I also believe that they have met all the requirements of maintaining their Nasdaq listing status except for the $1 minimum. Finally, the “dumb” analysis is: they are still listed because the stock is trading today and shows that it is listed on the Nasdaq on Google Finnce, Yahoo Finance and BLoomberg.com:
    $0.355
    +0.004 (1.08%)
    Real-time: 1:29PM EDT

    via http://repairstemcell.wordpress.com/2009/10/08/aastrom-requests-delisting-extension/

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