EpiCept Corporation (Nasdaq and OMX Nordic Exchange: EPCT) today announced that a Nasdaq Hearings Panel has granted the Company’s request for continued listing on The Nasdaq Stock Market. The Company’s continued listing is subject to the Company’s satisfaction of the condition that on or before February 1, 2010, the Company evidence a closing bid price of at least $1.00 per share for a minimum of ten prior consecutive trading days (or, under certain circumstances, such longer period as the Panel may determine).
As previously announced, on August 3, 2009, EpiCept received notice from Nasdaq that it had not regained compliance with the minimum bid price requirement and that the Company’s securities were subject to delisting unless it requested a hearing before a Nasdaq Hearings Panel. The Company requested a hearing and appeared before the Panel on September 23, 2009. On November 2, 2009, the Panel rendered its determination to continue the Company’s listing.
The Company expects to timely comply with the terms of the Panel’s decision; however, there can be no assurance that the Company will be able to do so.
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