Tengion Announces Receipt of NASDAQ Staff Deficiency Letter
Tengion, Inc. (NASDAQ: TNGN) today announced the Company received a determination letter from the NASDAQ Stock Market notifying it that the Company does not satisfy the minimum stockholders' equity for continued listing on the NASDAQ Capital Market under NASDAQ Listing Rule 5550(b)(1). Tengion expects to submit a plan by June 29, 2012 to NASDAQ outlining its strategy to regain compliance with the continued listing requirements. Approval of the plan is subject to the discretion of NASDAQ. If the plan is accepted, NASDAQ may grant an extension of up to 180 days from the date of the determination letter for the Company to regain compliance.
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