Notice of Failure to Satisfy a Continued Listing Rule or Standard
On 5/9/13, Aastrom Biosciences received a notification letter from NASDAQ 's Listing Qualifications Department advising that for the past 30 consecutive business days, the bid price for the common stock has closed below the minimum $1.00 per share requirement set forth in Nasdaq Listing Rule 5450(a)(1)
In accordance with Nasdaq Listing Rule 5810(c)(3)(NYSE:A), the Notice also stated that ASTM would be provided 180 calendar days, or until 11/5/13, 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 business days prior to that date.
The Bottom Line: Filed in an 8-k versus a press release? It couldn't have come at a <worse> time when so many issues are in play - i.e. their pending $25 million fund raising initiative(s). ASTM closed DOWN to -$0.60 on 166,997 share volume.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.