SAN DIEGO, March 21 /PRNewswire-FirstCall/ -- Sequenom, Inc. announced today that it had received a letter from the Listing Qualifications Staff of The Nasdaq Stock Market notifying the Company that its common stock is subject to delisting from the Nasdaq National Market due to noncompliance with the $1.00 minimum closing bid price requirement set forth in Marketplace Rule 4450(a)(5), prior to the expiration of the 180-day grace period on March 15, 2006. The notice follows the Company's announcement on September 20, 2005 that the Company had been granted the 180-day grace period by the Listing Qualifications Staff to remedy the closing bid price deficiency.
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The Company plans to request a hearing before the Nasdaq Listing Qualifications Panel to review the Staff determination to delist the Company's common stock and to seek continued listing of its common stock on The Nasdaq National Market. The request for a hearing will stay the Staff determination to delist the Company's common stock until the Panel renders a determination following the hearing. The hearing is expected to be scheduled within 30 to 45 days of the Company's request.
There can be no assurances that the Listing Qualifications Panel will grant the Company's request for continued listing on The Nasdaq National Market, in which case the Company's common stock could be transferred to The Nasdaq Capital Market or delisted from Nasdaq.
Except for the historical information contained herein, the matters set forth in this press release, including without limitation statements regarding the Company's plans to request a hearing before the Nasdaq Listing Qualifications Panel, the expected hearing date, the outcome of any hearing, and the future transfer of the Company's common stock to The Nasdaq Capital Market or listing or delisting of the Company's common stock on The Nasdaq National Market, are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including the risks and uncertainties associated with the request to be heard before the Nasdaq Listing Qualifications Panel, the hearing process and procedures, the determination of the Panel following the hearing, and the impact of the potential delisting of the Company's common stock and other risks and uncertainties detailed from time to time in the Company's SEC filings, including the Company's Annual Report on Form 10-K for the year ended December 31, 2004, and most recent Quarterly Report on Form 10-Q. These forward-looking statements are based on current information that is likely to change and speak only as of the date hereof.
Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20040415/SQNMLOGOAP Archive: http://photoarchive.ap.orgPRN Photo Desk, photodesk@prnewswire.comSequenom, Inc.CONTACT: Clarke Neumann, Investor Relations of Sequenom, Inc.,+1-858-202-9206, cneumann@sequenom.com
Web site: http://www.sequenom.com/
