Gaithersburg, MD-based GenVec (NASDAQ: GNVC) has been informed that its stock price no longer meets NASDAQ requirements and could be delisted. The Washington Business Journal reports that GenVec stock, trading around 62 cents per share, has been below the minimum requirement of $1 per share for more than 30 consecutive business days.
A notification letter from the NASDAQ exchange says GenVec has until Nov. 8 to regain compliance with the minimum closing bid price requirement. To do so, the closing bid price of the company's common stock must meet or exceed $1.00 per share for at least 10 consecutive business days during the 180-calendar-day grace period, according to a company release.
If Genvec fails to regain compliance within this time frame, NASDAQ will provide written notification that its common stock will be delisted, something the company may appeal. Alternatively, the company could apply to transfer its common stock to the NASDAQ Capital Market if it satisfies all other requirements.
The company says in a statement that it intends to monitor the bid price for its common stock between now and Nov. 8 and will consider available options to resolve the deficiency and regain compliance. The notification comes just four months after GenVec regained compliance following a previous warning about its stock price.
In March, Genvec said it was discontinuing a Phase III study of TNFerade in patients with locally advanced pancreatic cancer after determining that that the trial would not meet the goal of demonstrating persuasive evidence of clinical effectiveness.
- read the GenVec release
- see the Washington Business Journal report