Triangle Business Journal by Jason deBruyn, Staff Writer
Morrisville’s Oxygen Biotherapeutics Inc. is in danger of having its stock delisted from Nasdaq.
For 30 consecutive days in August and September, Oxygen (Nasdaq: OXBT) did not have the minimum $35 million required market value to continue listing on the NASDAQ Capital Market.
The exchange has notified the company that it has 180 days, or until March 19, 2013, to regain compliance with the rule, which requires the firm to reach the $35 million market value at market close for 10 consecutive days at any one time in the next six months.
The notice has no effect on the listing or trading of the company’s common stock at this time. However, there can be no assurance that Oxygen will be able to regain compliance with Nasdaq’s listing rules during the compliance period, or at all, according to a company filing with the Securities and Exchange Commission.
Oxygen officials said they did not have an immediate plan to increase market value. Last year, the company removed its shares from the Swiss Stock Exchange.