Dec 18 2009
Neurogen Corporation (NASDAQ: NRGN) announced today that it received a NASDAQ staff determination letter on December 11, 2009, notifying the company that it has not regained compliance, during a prescribed period, with NASDAQ Listing Rule 5450(a)(1), which requires the stock of listed companies to trade at or above $1.00 per share.
Neurogen has filed for a hearing to appeal the staff’s determination with a NASDAQ Hearings Panel which, under the NASDAQ’s Rule 5800 Series, will stay a potential delisting of the Company’s securities and enable the Company’s common stock to continue trading on the NASDAQ through the appeal process. Neurogen expects its stock to continue trading on the NASDAQ through the expected closing of its previously announced pending merger into Ligand Pharmaceuticals by the end of this year.
As previously reported, Neurogen was initially notified by NASDAQ on August 26, 2008, that the bid price of its common stock had closed at less than $1.00 per share over the previous 30 consecutive business days. NASDAQ suspended the enforcement of the bid price requirement for all NASDAQ companies from October 16, 2008 through July 31, 2009 and upon reinstatement of the rules, the Company’s period for regaining compliance ran through December 10, 2009.