Aastrom Biosciences receives delisting letter from Nasdaq for not remaining in compliance
By APWednesday, October 7, 2009
Aastrom Biosciences receives delisting notice
ANN ARBOR, Mich. — Aastrom Biosciences Inc., which develops stem cell therapies, said Wednesday it received a notice saying it might be subject to delisting from the Nasdaq.
Aastrom Bioscience said the staff determination letter indicated the company is not in compliance with the $1 minimum closing bid price required for continued listing on the Nasdaq.
The company’s stock is now subject to delisting on Tuesday, unless the company requests a hearing before a Nasdaq panel, which Aastrom said it plans to do.
At the hearing, Aastrom said it plans to request continued listing on the Nasdaq based on a plan to regain compliance with the minimum bid requirement.
The panel is permitted to grant Aastrom an additional 180 days from the Oct. 2 letter, or until March 31, to implement its plan of compliance.
Shares of the company declined 2 cents, or 4.7 percent, to 40 cents in afternoon trading.
