Lipid Sciences, Inc. Receives Staff Determination Pursuant to Marketplace Rule 4310(c)(3) From Nasdaq
Published: Aug 12, 2008
PLEASANTON, CA--(Marketwire - August 11, 2008) - Lipid Sciences, Inc. (NASDAQ: LIPD) announced today that it had received a letter, dated August 6, 2008, from The Nasdaq Stock Market Inc. stating that the Company's common stock will be delisted from The Nasdaq Capital Market as of the opening of business on August 15, 2008 because the Company does not comply with the minimum $2.5 million in stockholders' equity, $35 million market capitalization, or $500,000 net income requirements for continued listing on The Nasdaq Capital Market set forth in Marketplace Rule 4310(c)(3). The Staff determination follows review of the Company's recompliance plan that was submitted to the Nasdaq on May 30, 2008. The Company has the right to appeal the Nasdaq Staff determination to a Nasdaq Listings Qualifications Panel. The Company intends to request a hearing before August 13, 2008 which will automatically stay the delisting of the Company's common stock until the Panel reaches a decision. There can be no assurance that the Panel will grant the Company's request for continued listing.