Benzinga's Microcap Movers for Thursday June 28, 2012
Below are highlights from Benzinga's daily coverage of small cap and microcap securities making big moves:
Shares of Gabriel Technologies (GWLK), the San Francisco, CA technology company, rose 22,000% Thursday on just 31,000 shares.
There was no news to account for the move and a spokesperson for the company would not comment.
Gabriel Technologies closed at $0.0224 on Thursday.
Shares of Aradigm (ARDM), the Hayward, CA pharmaceutical company, rose 32% Thursday on 55 times the average daily volume.
Aradigm Corporation announced Thursday it has received orphan drug designation from the U.S. Food and Drug Administration for ciprofloxacin for inhalation for the management of bronchiectasis.
Previously, Aradigm received orphan drug designations from FDA for liposomal ciprofloxacin for inhalation for the management of bronchiectasis and for liposomal ciprofloxacin for the management of cystic fibrosis.
"We are very pleased that FDA has granted Aradigm this new orphan drug designation for bronchiectasis which provides additional incentive for our Company to develop a much needed therapeutic tool for this significant unmet medical need in respiratory medicine," said Igor Gonda, President and CEO.
Aradigm closed at $0.165 on Thursday.
Shares of Enova Systems (NYSE: ENA), the Torrance, CA innovator of Electric Vehicle and Hybrid Electric Vehicle solutions for medium and heavy-duty trucks and buses, rose 87.50% Thursday on almost 6 times the average daily volume.
There was no specific news to account for today's move. On June 21, Enova announced several changes to its board of directors.
On May 29 Enova stated that on May 22, 2012, the Company received an additional notice from the Exchange stating that a review of the Company's Form 10-Q for the first quarter of fiscal 2012 indicated that the Company does not meet an additional listing requirement. Specifically, the Company is not in compliance with Exchange Guide Section 1003a ii because the Company reported stockholders' equity of less than $4,000,000 and losses from continuing operations and/or net losses in three of its four most recent fiscal years.
Due to the higher stockholders' equity requirement identified in the April Notice, the Company is not required by the Exchange to submit an additional Plan of Compliance in connection with the deficiency identified in the notice dated May 22, 2012. If the Plan of Compliance is accepted but the Company is not in compliance with the continued listing standards of the Company Guide by October 15, 2013 or if the Company is not making progress consistent with the plan during the Plan Period, the Exchange staff will initiate delisting procedures as appropriate. In such event, the Company may appeal an Exchange staff determination to initiate delisting proceedings in accordance with Section 1010 and Part 12 of the Company Guide.
Enova Systems closed at $0.06 on Thursday.
The information in this article is taken from public sources, press releases, and websites that cannot always be verified. Please note that investing in microcap stocks is highly speculative. The companies mentioned here are for information purposes only. Benzinga makes no claim as to the suitability of these stocks as an investment. Neither Benzinga nor its staff recommend that you buy, sell, or hold any security. We do not offer investment advice, personalized or otherwise. Benzinga recommends that you conduct your own due diligence and consult a certified financial professional for personalized advice about your financial situation.
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