NEW YORK (360Dx) – Vermillion said after the close of the market on Thursday that it has received a notice of non-compliance from Nasdaq indicating that it has failed to meet the requirement that its common stock maintain a minimum closing price bid of $1 per share.
Vermillion received the notice from Nasdaq on July 24 saying its stock had failed to meet the $1 per-share closing bid price requirement for 30 consecutive business days. The company has 180 days, or until Jan. 22, 2019, to regain compliance, which will be achieved if the closing bid price of its stock is at or above $1 for a minimum of 10 consecutive business days at any time during the 180-day period.
If the company does not regain compliance during the 180-day period it could qualify for another 180-day compliance period by providing Nasdaq written notice of its intention to cure its non-compliance. If it does not receive this extension, the company may appeal the delisting decision at a Nasdaq Hearing Panel.
Vermillion said it will monitor the closing bid price of its stock and consider available options to regain compliance. Its stock was down 6 percent to $.59 per share in morning trading today.