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Cellegy delisted from Nasdaq due to noncompliance, hopes to trade on Bulletin Board
By E. Janene Geiss
Philadelphia, Dec. 23 - Cellegy Pharmaceuticals, Inc. said Friday that it has received a notice that the company's common stock will be removed from the Nasdaq Capital Market (formerly SmallCap Market) effective with the opening of business on Dec. 29.
Delisting from the Nasdaq Stock Market is because the company does not currently satisfy the $35 million market capitalization requirement of Nasdaq Marketplace Rule 4310 for continued listing, according to a company news release.
The company also does not comply with alternative standards for continued listing on the Nasdaq Capital Market Rule 4310 or Rule 4310, which require minimum stockholders' equity of $2.5 million or net income from continuing operations of $500,000 in the most recent completed fiscal year or in the last three most recent completed fiscal years, respectively.
The company said it will not request a review of the panel's determination.
Cellegy said it anticipates that after removal from Nasdaq, the common stock will be eligible for trading on the OTC Bulletin Board after the company completes required procedures, including the filing and approval of a Form 211.
The company said it is taking steps to start trading on the OTC Bulletin Board as soon as possible and is providing market makers with information necessary for the shares to be quoted.
If the company's shares are not immediately traded on the OTC Bulletin Board, they may be quoted by The Pink Sheets LLC.
Cellegy is a Huntington Valley, Pa., specialty biopharmaceutical company that develops and commercializes prescription drugs for the treatment of women's health care conditions, including sexual dysfunction, HIV prevention and gastrointestinal disorders.
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