Genitope Corporation (GTOP) Announces Receipt of Nasdaq Letter
3/14/2008 9:30:57 AM
FREMONT, Calif.--(BUSINESS WIRE)--Genitope Corporation (NASDAQ: GTOP) today announced that, on March 6, 2008, it received a staff deficiency letter from The Nasdaq Stock Market (“Nasdaq”) indicating that, as a result of the resignation of Stanford C. Finney from the Audit Committee of Genitope’s Board of Directors, Genitope no longer complied with Nasdaq’s audit committee requirements as set forth in Marketplace Rule 4350. That rule requires that each listed issuer have an audit committee composed of at least three independent directors. In accordance with Nasdaq Marketplace Rule 4350(d)(4), Nasdaq has provided the Company with a cure period in order to regain compliance. The cure period will continue (1) until the earlier of the Company’s next annual shareholders’ meeting or February 26, 2009, or (2) if the next annual shareholders’ meeting is held before August 25, 2008, then the Company must evidence compliance no later than August 25, 2008. In the event the Company does not regain compliance by this date, Nasdaq will provide written notification to the Company that its securities will be delisted, after which, Genitope may appeal the staff determination to the Nasdaq Listing Qualifications Panel. There can be no assurance that Genitope will satisfy Nasdaq’s conditions for continued listing, that Genitope will appeal or request a hearing for a stay of delisting or that, if requested, they would be successful or that Genitope’s common stock will remain listed on The Nasdaq Global Market.