La Jolla Pharmaceutical Announces Delisting from Nasdaq and Failure to Get Stockholder Vote for Merger
SAN DIEGO--(EON: Enhanced Online News)--La Jolla Pharmaceutical Company today announced that it received notification from the Nasdaq Hearings Panel that the Panel has determined to deny the Company's request for continued listing on The Nasdaq Stock Market and that trading of the Company's common stock will be suspended effective at the open of business on Thursday, March 4, 2010. The Panel determined that the Company is operating as a "public shell" because of the Company's nominal assets, other than cash, and the Company's nominal operations.
The Company also announced that holders of only thirteen percent (13%) of La Jolla's outstanding common stock returned their proxy cards or otherwise indicated their votes with respect to proposals related to its proposed merger with Adamis Pharmaceuticals Corporation (OTCBB: ADMP), prior to the start of the stockholders' meeting. As a result, there was no quorum to conduct the meeting. The meeting and the solicitation of further votes has been canceled due to the delisting from Nasdaq.
The Company anticipates that its common stock will be quoted on the Pink OTC Markets Inc. (the "Pink Sheets") automatically and immediately after Nasdaq suspends trading, provided that a market maker, who has quoted the Company's common stock in the 30 days prior to delisting, enters a quote on the Pink Sheets prior to market close on March 4, 2010. The Company's common stock may, in the future, also be quoted on the Over-the-Counter Bulletin Board maintained by the Financial Industry Regulatory Authority ("FINRA"), provided that a market maker in the common stock files the appropriate application with, and such application is accepted by, FINRA. The Company anticipates disclosing further trading venue information for its common stock once such information becomes available. The trading symbol of the Company's common stock will continue to be "LJPC".
A Form 25-NSE will be filed with the Securities and Exchange Commission to remove the Company's securities from listing and registration on Nasdaq.