Pressure BioSciences, Inc. Granted Extension to October 3, 2011 to Regain Compliance With NASDAQ Minimum Stockholders' Equity Requirement
Pressure BioSciences, Inc. (Nasdaq: PBIO) today announced that the Company received a notice from NASDAQ on June 10, 2011 granting it an extension of time until October 3, 2011 to regain compliance with the NASDAQ minimum stockholders' equity requirement of $2.5 million.
On April 6, 2011, the Company received a staff deficiency letter from The NASDAQ Stock Market, LLC ("NASDAQ") indicating non-compliance with the minimum stockholders' equity requirement of $2.5 million for continued listing on the NASDAQ Capital Market under NASDAQ Listing Rule 5550(b)(1).
On May 23, 2011, the Company submitted a written plan (the "Plan") to NASDAQ that outlined its strategy to regain compliance. In the Plan, the Company stated that it would need to raise at least $5 million in additional equity capital to report stockholders' equity in excess of $2,500,000 on September 30, 2011 and remain above the requirement for the foreseeable future.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Posted in: News