04 Apr Merge Healthcare put on notice about minimum bid price
West Allis, Wis. – Merge Healthcare again faces delisting from the NASDAQ Stock Market after receiving notification that it is not in compliance with the market’s minimum bid price rule because shares of its common stock had closed at a per share bid price of less than $1 for 30 consecutive business days.
The Milwaukee-based medical software company now has 180 calendar days, or until September 29, 2008, to regain compliance. The company indicated that it will seek to regain compliance within this 180 day “cure period,” and will consider alternatives to address compliance with the continued listing standards of the NASDAQ.
To regain compliance, the closing bid price of Merge stock must close at $1 per share or more for a minimum of 10 consecutive business days.
If the financially troubled Merge does not regain compliance by Sept. 29, 2008, the NASDAQ staff will notify the company that its common stock will be delisted. If that happens, the company would have an opportunity to appeal the delisting to the NASDAQ Listing Qualifications Panel.
The company has one other alternative if it does not regain compliance Sept. 29. It can apply to list its common stock on the NASDAQ Capital Market if it meets initial listing criteria other than the minimum bid price requirement. If such an application were approved, Merge would be granted an additional 180 calendar days to regain compliance with the minimum bid price rule.
The notification has no effect on the listing of the company’s common stock at this time.
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