Jul 1 2015
Discovery Laboratories, Inc. (Nasdaq: DSCO) announced today that, on June 29, 2015, the Company received a letter from The Nasdaq Stock Market indicating that, because the Company's common stock has not maintained a minimum closing bid price of $1.00 per share over the previous 30 consecutive business days, the Company is no longer in compliance with Nasdaq's Listing Rule 5550(a)(2) (the "Minimum Bid Price Requirement"). This notice of noncompliance has no immediate impact on the continued listing or trading of the Company's common stock on the Nasdaq Capital Market.
Under the Nasdaq Listing Rules, the Company has 180 calendar days ("grace period"), or until December 28, 2015, to regain compliance with the Minimum Bid Price Requirement. If during the grace period, the Company's common stock achieves a minimum closing bid price of at least $1.00 per share for a period of at least ten consecutive business days, the Company will regain compliance with the Minimum Bid Price Requirement and its common stock will continue to be eligible for listing on the Nasdaq Capital Market.
If the Company does not achieve compliance with the Minimum Bid Price Requirement during the grace period, Nasdaq will provide written notification to the Company that its common stock is subject to delisting. However, if on the last day of the grace period, the Company complies with the market value requirement for continued listing and all other listing standards for initial listing on the Nasdaq Capital Market, and indicates its intention to cure its non-compliance with the Minimum Bid Price Requirement, the Company may be eligible for an additional grace period through June 27, 2016. The Company intends to monitor the closing bid price of its common stock and, if appropriate, consider available options potentially to regain compliance with the Minimum Bid Price Requirement under the Nasdaq Listing Rules.
SOURCE Discovery Laboratories, Inc.
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