SYDNEY, AUSTRALIA--(Marketwire - July 23, 2010) -
Novogen Limited (ASX: NRT) (NASDAQ: NVGN
) is listed on the Australian Stock Exchange and has an ADR program in place in the US through the Nasdaq Stock Market. An ADR for the Company represents a bundle of 5 ASX shares, therefore the bid price of an ADR on the NASDAQ is five times the ASX share bid price.
The Company received a letter from The Nasdaq Stock Market on July 19, 2010 notifying it that for the last 30 consecutive business days the bid price of the Company's common stock closed below the minimum US$1.00 per share requirement for continued inclusion on the Nasdaq Global Market under Nasdaq Rule 5450(a)(1). According to Nasdaq's letter, the Company will be afforded a grace period of 180 calendar days, or until January 18, 2011, to regain compliance in accordance with Nasdaq Rule 5810(c)(3)(A). In order to regain compliance, shares of the Company's common stock must maintain a minimum bid closing price of at least US$1.00 per share for a minimum of ten consecutive business days during the grace period.
The Company intends to actively monitor the bid price of its common stock between now and January 18, 2011.
This notification from The Nasdaq Stock Market has no bearing on the ASX listing.
About Novogen Limited
Novogen Limited is an Australian biotechnology company based in Sydney, Australia, that is developing a range of oncology therapeutics from its proprietary flavonoid synthetic chemistry technology platform. More information on the Novogen group of companies can be found at www.novogen.com.