Jul 20 2010
EntreMed, Inc. (Nasdaq: ENMDD), today announced receipt of a letter from the NASDAQ Stock Market stating that the Company has regained compliance with the $1.00 minimum closing bid price requirement and that, accordingly, it has determined to continue the listing of EntreMed's common stock on the NASDAQ Capital Market.
Previously, EntreMed had been notified by the NASDAQ Stock Market that it was not in compliance with the minimum bid price rule because its common stock failed to meet the closing bid price of $1.00 or more for 30 consecutive business days. In order to regain compliance with the rule, the Company was required to maintain a minimum closing bid price of $1.00 or more for at least 10 consecutive trading days. This requirement was met on July 15, 2010, the tenth consecutive trading day when the closing bid price of the Company's common stock was over $1.00.
"Maintaining a listing on the NASDAQ Capital Market is an important part of our corporate strategy," commented Michael M. Tarnow, Executive Chairman of EntreMed. "The Board and Senior Management Team have taken great strides to regain NASDAQ compliance and we are grateful for the continued support of our investors while overcoming this obstacle."