Aphton Corporation Announces Receipt Of Delist Determination From NASDAQ Panel
Published: Jan 31, 2006
PHILADELPHIA--(BUSINESS WIRE)--Jan. 30, 2006--Aphton Corporation (NASDAQ:APHT) announced today that on January 27, 2006, the Company received notice from The NASDAQ Stock Market informing the Company that the NASDAQ Listing Qualifications Panel had determined to delist the Company's securities from The NASDAQ Stock Market, effective with the open of business on January 31, 2006, based upon the Company's failure to comply with NASDAQ Marketplace Rule 4310(c)(ii)(B), which requires the Company to maintain a market value of listed securities of at least $35,000,000 or, in the alternative, shareholders' equity of at least $2,500,000 and the Company's failure to evidence a minimum bid price of $1.00 per share, as required by NASDAQ Marketplace Rule 4310(c)(4). The notice from NASDAQ follows the Company's announcement on November 29, 2005, that the Company would request a hearing before the NASDAQ Listing Qualifications Panel to review the NASDAQ Listing Qualifications Staff Determination to delist the Company's securities and to seek continued listing on The NASDAQ Capital Market. The hearing was held on December 22, 2005.