Genitope Corporation Announces Receipt of Nasdaq Letter
Published: Jun 10, 2008
FREMONT, Calif.--(BUSINESS WIRE)--Genitope Corporation (NASDAQ: GTOP) today announced that, on June 4, 2008, it received a staff deficiency letter from The Nasdaq Stock Market ("Nasdaq") indicating that, for the last 30 consecutive trading days, Genitope’s common stock has not maintained a minimum market value of publicly held shares of $5,000,000 as required for continued inclusion on The Nasdaq Global Market under Marketplace Rule 4450(a)(2) (the “Rule”). In accordance with Marketplace Rule 4450(e)(1), Genitope was given 90 calendar days, or until September 3, 2008, to regain compliance with the Rule. The letter also indicated that, if, at any time before September 3, 2008, the market value of the publicly held shares of Genitope’s common stock is $5,000,000 or greater for a minimum of 10 consecutive trading days, Nasdaq will provide written notification that the Company complies with the Rule. The letter further indicated that, if Genitope does not regain compliance by September 3, 2008, Nasdaq will provide written notification that Genitope’s common stock will be delisted, after which Genitope may appeal the staff determination to the Nasdaq Listing Qualifications Panel. In addition, Genitope may be delisted during the 90-day period for failure to maintain compliance with any of the other Nasdaq listing requirements for which it is currently on notice.