A.P. Pharma (APPA) to Transfer to Nasdaq Capital Market
October 28, 2009 6:44 AM
A.P. Pharma (Nasdaq: APPA), a specialty pharmaceutical company, announced that on October 26, 2009, the Company received notice that the Nasdaq Listing Qualifications Panel has granted the Company’s request to transfer the listing of the Company’s common stock from The Nasdaq Global Market to The Nasdaq Capital Market, which will take effect with the opening of the market on Wednesday, October 28, 2009. The Company’s securities will continue to trade on The Nasdaq Stock Market (Nasdaq) under the symbol “APPA.”
The Nasdaq Capital Market is a continuous trading market that operates in the same manner as The Nasdaq Global Market and includes the securities of approximately 450 companies. All companies listed on The Nasdaq Capital Market must meet certain financial requirements and adhere to Nasdaq’s corporate governance standards.
As previously announced, the Company received notice on July 17, 2009, that it no longer satisfied the $10M stockholders’ equity requirement for continued listing on The Nasdaq Global Market. At a subsequent hearing before the Panel, the Company requested the transfer of its listing to The Nasdaq Capital Market pursuant to an exception to satisfy the $2.5M stockholders’ equity requirement for continued listing on that market.
