NEW YORK--(BUSINESS WIRE)--Aug. 28, 2006--SIGA Technologies, Inc. (NASDAQ: SIGA) disclosed today that on August 22, 2006, it received a staff determination letter from the Nasdaq Stock Market (“Nasdaq”) indicating that SIGA’s common stock is subject to delisting from the Nasdaq Capital Market. The Nasdaq’s determination was based on its July 19, 2006, notice to SIGA informing it that for the 10 consecutive trading days proceeding the July 19 notice, SIGA’s market value of listed securities had been below the $35,000,000 minimum required for continued inclusion on the Nasdaq Capital Market under Marketplace Rule 4310(c)(2)(B)(ii) (the “Rule”). In accordance with Marketplace Rule 4310(c)(8)(C), SIGA was provided with 30 calendar days, until August 18, 2006, to regain compliance with the Rule, which it did not. SIGA intends to request a hearing in accordance the Marketplace Rule 4800 Series, which hearing request will stay the suspension and delisting of SIGA’s common stock pending a decision by a Nasdaq Listing Qualifications Panel. There can be no assurance that such Panel will grant SIGA’s request for continued listing.
