Altus Pharmaceuticals Inc. Receives Nasdaq Notice of Noncompliance
18 Setembro 2009 - 11:09AM
Business Wire
Altus Pharmaceuticals Inc. (Nasdaq: ALTU) today announced that
on September 15, 2009, the Company received a letter from the
Nasdaq Listing Qualifications Department notifying the Company
that, for the last 30 consecutive business days, the bid price of
the Company’s common stock has closed below the minimum $1.00 per
share required for continued listing on the Nasdaq Capital Market
under Nasdaq Listing Rule 5550(a)(2). The Company’s shares will
continue to trade on the Nasdaq Capital Market under the symbol
“ALTU.”
In accordance with Nasdaq Listing Rule 5810(c)(3)(A), Nasdaq
will provide the Company with 180 calendar days, or until March 15,
2010, to regain compliance. If at any time before March 15, 2010
the bid price of the Company’s common stock closes at $1.00 per
share or more for a minimum of 10 consecutive business days, Nasdaq
will provide written notification that the Company has achieved
compliance with Nasdaq Listing Rule 5550(a)(2). If the Company does
not meet this requirement, the Company’s common stock may be
delisted.
In addition, in light of the Company’s disclosure that it has
commenced a process to wind down the business of the Company, the
Company received a letter from Nasdaq on September 16, 2009
requesting the Company to supply certain information in order to
enable Nasdaq to determine whether the Company may be deemed a
“public shell.” If Nasdaq determines that the Company is a “public
shell”, Nasdaq may, under Nasdaq Listing Rule 5100, determine to
delist the Company’s common stock, even if the Company regains
compliance with the minimum bid price rule.
Safe Harbor
Statement
Certain statements in this news release concerning Altus'
business are considered "forward-looking statements". These
statements include, but are not limited to, our ability to continue
to list our common stock on The Nasdaq Capital Market. Any or all
of the forward-looking statements in this press release may turn
out to be wrong. They can be affected by inaccurate assumptions
Altus might make or by known or unknown risks and uncertainties,
including, but not limited to the limitations on the ability of
Altus to meet the Nasdaq listing requirements, whether due to the
inability of the Company to meet Nasdaq’s minimum bid requirement
rule or a determination by Nasdaq that the Company is a “public
shell.” Consequently, no forward-looking statement can be
guaranteed, and actual results may differ materially from those
expressed or implied by any such forward-looking statement.
Additional information concerning factors that could cause actual
results to materially differ from those in the forward-looking
statements is contained in Altus' reports to the Securities and
Exchange Commission, including in Item 1A "Risk Factors" in its
Quarterly Report on Form 10-Q for the quarter ended June 30, 2009.
However, Altus undertakes no obligation to publicly update
forward-looking statements, whether because of new information,
future events or otherwise.
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