TG Therapeutics, Inc. (MHA) Provides Update on NASDAQ Up-Listing Process
11/14/2012 7:26:30 AM
NEW YORK, Nov. 14, 2012 (GLOBE NEWSWIRE) -- TG Therapeutics, Inc. (OTCBB:TGTX), an innovative, clinical-stage biopharmaceutical company focused on the acquisition, development and commercialization of medically important pharmaceutical products for the treatment of cancer and other underserved therapeutic needs, today provided investors with an update regarding the Company's qualification for up-listing to The NASDAQ Capital Market ("NASDAQ"). As previously disclosed, the Company submitted an initial listing application with NASDAQ earlier this year. The Company now believes that it satisfies each of the exchange's applicable listing requirements, with the exception of the $2.00 bid price and $50 million market capitalization requirements. In accordance with the NASDAQ Listing Rules and the Company's current shares outstanding, the Company's stock price must close at or above $2.00 per share for 90 consecutive trading days in order for the Company to satisfy the applicable standard. Alternatively, the Company could qualify for listing if its stock price was at least $3.00 per share for at least five consecutive trading days, without regard to its market capitalization. The $2.00 and $3.00 bid price listing standards were adopted by NASDAQ earlier this year and replaced the $4 per share standard for certain companies seeking a listing on The NASDAQ Capital Market.