NASDAQ issues noncompliance letter to GTC Biotherapeutics

Sep 19 2009

GTC Biotherapeutics, Inc.’s ("GTC", NASDAQ: GTCB) received a letter from the Listing Qualifications Staff of The NASDAQ Stock Market (the “Staff Determination”) on September 17, 2009, indicating that unless GTC requests a hearing before the NASDAQ Listing Qualifications Panel (the “Panel”), the Company’s securities would be subject to delisting from The NASDAQ Capital Market due to non-compliance with the $35 million market value of listed securities requirement as set forth in Listing Rule 5550(b)(2). The Staff Determination followed earlier correspondence from NASDAQ, which was announced by the Company on June 19, 2009.

GTC intends to request a hearing before the Panel, which will defer any action with respect to the Staff Determination until the Panel renders a decision following the hearing. The Company’s securities will continue to trade on The NASDAQ Capital Market in the interim. The Panel has discretion to grant an extension not to exceed 180 days from the date of the Staff notification. However, there can be no assurance that any such extension will be granted or that following the hearing the Panel will grant GTC’s request for continued listing.