10/11/2010 12:47:12 PM
FREMONT, Calif.--(BUSINESS WIRE)--ARYx Therapeutics, Inc. (NASDAQ:ARYX) today announced that ARYx was notified October 5, 2010 by the staff of the NASDAQ Stock Market that it has not regained compliance with the $50 million minimum market capitalization requirement for continued listing on The NASDAQ Global Market, as set forth in Listing Rule 5450(b)(2)(A). As a result, ARYx’s common stock is subject to delisting from the NASDAQ Global Market unless the Company requests a hearing before a NASDAQ Listing Qualifications Panel (“Panel”). Accordingly, ARYx intends to timely request a hearing before a Panel, automatically staying further action by NASDAQ until the Panel issues its decision following the hearing. At the hearing, ARYx will present its plan to regain compliance. In connection with such appeal, the Panel may grant ARYx, in its sole discretion, an additional compliance period of up to 180 calendar days from the date of the NASDAQ staff’s determination to regain compliance with the minimum market capitalization requirement for continued listing on The NASDAQ Global Market. There is no assurance that ARYx’s planned hearing before the Panel on the delisting determination will be successful.
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