Aphton Corporation (APHT) Announces Receipt Of NASDAQ Notice Of Non-Compliance
1/4/2006 2:23:45 PM
PHILADELPHIA--(BUSINESS WIRE)--Jan. 3, 2006--Aphton Corporation (NASDAQ:APHT) announced today that on December 27, 2005 the Company received notice from NASDAQ Stock Market informing the Company that it failed to regain compliance by December 20, 2005 with Marketplace Rule 4310(c)(4) requiring the Company to evidence a minimum closing bid price of $1.00 per share for at least 10 consecutive trading days. The notice from NASDAQ follows the Company's announcement on December 5, 2005 that the Company is not in compliance with Marketplace Rule 4310(c)(2)(B), which requires the Company to have a minimum of $2,500,000 in stockholders' equity or $35,000,000 market value of listed securities or $500,000 of net income from continuing operations for the most recently completed fiscal year or two of the three most recently completed fiscal years and was therefore subject to delisting. The Company appealed NASDAQ's prior decision to delist the Company's common stock because of that deficiency to a NASDAQ Listing Qualifications Panel (the "Panel") and a hearing was granted. At the hearing for the appeal, the Company presented its plan to regain compliance with Marketplace Rule 4310(c)(2)(B).