American Bio Medica Corporation (NASDAQ: ABMC) announced today that, on August 25, 2009, it received a delisting notice from the NASDAQ Stock Market, for failure to regain compliance with the minimum bid price requirement pursuant to Listing Rule 5550(a)(2).
The Company can request a hearing to appeal NASDAQ’s determination by 4:00 p.m. (ET) on September 1, 2009, however, if the Company does not request a hearing, trading of the Company’s common stock will be suspended at the opening of business on September 3, 2009, and a Form 25-NSE will be filed with the Securities and Exchange Commission (“SEC”), which will remove the Company’s securities from listing and registration on the NASDAQ Capital Market.
Although the Company meets all other continued listing requirements to maintain its position on the NASDAQ Capital Market, the Company does not currently expect to challenge the delisting. Based upon discussions with several market makers, the Company believes that a market maker will make an application to the OTC Bulletin Board, and its common stock will be eligible for listing on the OTC Bulletin Board following its delisting from the Nasdaq Capital Market.
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