WEST LAFAYETTE, IN--(Marketwire - September 22, 2009) - Bioanalytical Systems, Inc. (NASDAQ: BASI) announced today that it received notification from the Nasdaq Listing
Qualification Department on September 16, 2009 that it has failed to
maintain a minimum of $5.0 million in market value of publicly held shares
(the "MVPHS Requirement") and at least a $1 minimum bid price for its
common shares (the "Minimum Bid Requirement"), each of which is required
for continued listing of the Company's common shares on the Nasdaq Global
The Company has until December 15, 2009 to regain compliance with the MVPHS
Requirement by meeting the required market value threshold for a minimum of
10 consecutive business days. As an alternative, the Company may apply to
transfer the listing of its common shares to the Nasdaq Capital Market (the
"Capital Market"), which has a minimum MVPHS Requirement of $1.0 million
for continued listing.
The Company has until March 15, 2010 to regain compliance with the Minimum
Bid Requirement by meeting the required $1.00 bid threshold for a minimum
of 10 consecutive business days. The Company intends to actively evaluate
and monitor the bid price for its common shares between now and March 15,
2010, and to consider implementation of various options available to the
Company if its common shares do not trade at a level that is likely to
The Company is considering an application to transfer its common shares to
the Capital Market prior to December 15, 2009. Michael Cox, BASi Chief
Financial Officer, commented, "For our shareholders, the transition to the
Capital Market will be seamless and not affect trading of our shares. This
transfer will ease the financial compliance burden for our Company and
reduce our annual listing fees and expenses going forward."
The Company believes it is in compliance with all of the continued listing
standards of the Capital Market except for the Minimum Bid Requirement
(which may be waived as an initial requirement in the event of a transfer).
If the Company's minimum bid does not increase to $1.00 per share or more
prior to March 15, 2010, the Company could be delisted from the Capital
Market, in which case the common shares may be traded over the counter.
BASi is a pharmaceutical development company providing contract research
services and monitoring instruments to the world's leading drug development
companies and medical research organizations. The company focuses on
developing innovative services and products that increase efficiency and
reduce the cost of taking a new drug to market. Visit www.BASInc.com for
more information about BASi.
This release contains forward-looking statements that are subject to risks
and uncertainties including, but not limited to changes in the market and
demand for our products and services, the development, marketing and sales
of products and services, changes in technology, industry standards and
regulatory standards, and various market and operating risks detailed in
the Company's filings with the Securities and Exchange Commission.