Orckit Receives NASDAQ Notification Regarding Minimum Bid Price
Orckit Communications (Nasdaq: ORCT) today announced that, on February 15, 2012, it received a written notification from the Listing Qualifications Department of The NASDAQ Stock Market LLC advising the Company that, for the 30 consecutive business days preceding February 15, 2012, the bid price for the Company's ordinary shares had closed below the minimum $1.00 per share required under NASDAQ Listing Rule 5450(a)(1). The notification letter states that the Company will be afforded 180 calendar days to regain compliance with the minimum bid price requirement. In order to regain compliance, the closing bid price for the Company's ordinary shares must be at least $1.00 per share for a minimum of ten consecutive business days. The compliance period expires on August 13, 2012.
