NASDAQ issues delisting notice to Commonwealth Biotechnologies

Oct 24 2009

On July 24, 2009, The NASDAQ Stock Market notified Commonwealth Biotechnologies, Inc. (“CBI”) (NASDAQ: CBTE) that CBI was to be delisted from the NASDAQ Capital Market as a result of a failure to comply with NASDAQ Listing Rule 5550(b) due to a failure to maintain minimum stockholders’ equity of $2.5 million and a failure to file a Form 8-K affirming compliance with Rule 5550(b). Subsequently, CBI requested and was granted a hearing to present its plan for regaining compliance under the Rule. That hearing was convened on September 3, 2009. On October 20, 2009, CBI was notified that the Hearing Panel has granted the request of CBI to remain listed on The NASDAQ Stock Market through January 20, 2010, subject to the condition that, on or before January 20, 2010, CBI evidence shareholders’ equity of at least $2.5 million or demonstrate compliance with one of the alternative listing criteria of NASDAQ Listing Rule 5550(b).

SOURCE Commonwealth Biotechnologies, Inc.