Delcath Granted Extension by Nasdaq to Regain Compliance with Minimum Bid Price Rule

Delcath Systems

today reported that NASDAQ granted the Company an additional 180 calendar day period, or until June 9, 2014, to regain compliance with the Minimum Bid Price Rule. To do so, the bid price of the Company's common stock must close at or above $1.00 per share for a minimum of ten consecutive trading days prior to that date. NASDAQ's determination to grant the additional 180 day period was based on the Company meeting the continued listing requirement for market value of publicly held shares and all other applicable requirements for initial listing on the NASDAQ Capital Market, with the exception of the bid price requirement, and the Company's written notice to NASDAQ of its intention to cure the deficiency during the second compliance period by effecting a reverse stock split, if necessary. Additionally, the Company announced that it has filed preliminary proxy materials requesting stockholder approval for an amendment to the Company's Certificate of Incorporation that would authorize the Board of Directors to effect a reverse stock split of the Company's