Novogen Limited Receives Nasdaq Notice
July 23 2010 - 8:00AM
Marketwired
Novogen Limited (ASX: NRT) (NASDAQ: NVGN) is listed on the
Australian Stock Exchange and has an ADR program in place in the US
through the Nasdaq Stock Market. An ADR for the Company represents
a bundle of 5 ASX shares, therefore the bid price of an ADR on the
NASDAQ is five times the ASX share bid price.
The Company received a letter from The Nasdaq Stock Market on
July 19, 2010 notifying it that for the last 30 consecutive
business days the bid price of the Company's common stock closed
below the minimum US$1.00 per share requirement for continued
inclusion on the Nasdaq Global Market under Nasdaq Rule 5450(a)(1).
According to Nasdaq's letter, the Company will be afforded a grace
period of 180 calendar days, or until January 18, 2011, to regain
compliance in accordance with Nasdaq Rule 5810(c)(3)(A). In order
to regain compliance, shares of the Company's common stock must
maintain a minimum bid closing price of at least US$1.00 per share
for a minimum of ten consecutive business days during the grace
period.
The Company intends to actively monitor the bid price of its
common stock between now and January 18, 2011.
This notification from The Nasdaq Stock Market has no bearing on
the ASX listing.
About Novogen Limited
Novogen Limited is an Australian biotechnology company based in
Sydney, Australia, that is developing a range of oncology
therapeutics from its proprietary flavonoid synthetic chemistry
technology platform. More information on the Novogen group of
companies can be found at www.novogen.com.
FOR FURTHER INFORMATION: Phillip Johnston Chairman
Novogen Limited TEL + 61 (02) 9878 0088 http://www.novogen.com
WHITECOAT Strategies David Sheon + 1 202-422-6999
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