AEterna Zentaris Receives Notification from Nasdaq Relating to Minimum Bid Price
October 24 2008 - 4:05PM
PR Newswire (US)
QUEBEC CITY, Oct. 24 /PRNewswire-FirstCall/ -- AEterna Zentaris
Inc. (NASDAQ: AEZS; TSX: AEZ), a global biopharmaceutical company
focused on endocrine therapy and oncology, today announced that it
received a letter from the Nasdaq Stock Market, notifying AEterna
Zentaris that during the 30 consecutive business days prior to
October 16, 2008, the bid price of the Company's common shares had
closed below the US$1.00 minimum bid per share required for
continued inclusion on the Nasdaq Global Market under Marketplace
Rule 4450(a)(5). However, the letter states that given the current
extraordinary market conditions, Nasdaq has determined to suspend
enforcement of the bid price and market value of publicly held
shares requirements through Friday, January 16, 2009. In that
regard, the letter states that on October 16, 2008, Nasdaq filed an
immediately effective rule change with the Securities and Exchange
Commission to implement the suspension. According to Nasdaq, these
rules will be reinstated on Monday, January 19, 2009 and the first
relevant trade date will be Tuesday, January 20, 2009. Therefore,
following the reinstatement of these rules, and in accordance with
Marketplace Rule 4450(e)(2), AEterna Zentaris will be provided
180 calendar days from Tuesday, January 20, 2009, or until
July 20, 2009, to regain compliance with the US$1.00 minimum bid
per share under Marketplace Rule 4450(a)(5). If, at any time before
July 20, 2009, including during the suspension period, the bid
price of the Company's common shares closes at US$1.00 per share or
more for a minimum of 10 consecutive business days, Nasdaq will
provide written notification that AEterna Zentaris has achieved
compliance with Marketplace Rule 4450(a)(5). If the Company is
unsuccessful in meeting the minimum bid requirement by July 20,
2009, Nasdaq will provide notice to AEterna Zentaris that its
common shares will be delisted from the Nasdaq Global Market. If
the Company receives a delisting notification, it may appeal to the
Listing Qualifications Panel or apply to transfer its common shares
to the Nasdaq Capital Market if AEterna Zentaris satisfies all
criteria for initial listing on the Nasdaq Capital Market in
accordance with Marketplace Rule 4310(c), other than compliance
with the minimum closing bid price requirement. If the application
to the Nasdaq Capital Market is approved, then the Company will
have an additional 180-day compliance period in order to regain
compliance with the minimum bid price requirement while listed on
the Nasdaq Capital Market. The Nasdaq letter has no immediate
effect on the listing of the Company's common shares. On October
16, 2008, the closing price of the Company's common shares was
US$0.60 per share. About AEterna Zentaris Inc. AEterna Zentaris
Inc. is a global biopharmaceutical company focused on endocrine
therapy and oncology, with proven expertise in drug discovery,
development and commercialization. News releases and additional
information are available at http://www.aezsinc.com/.
Forward-Looking Statements This press release contains
forward-looking statements made pursuant to the safe harbor
provisions of the U.S. Securities Litigation Reform Act of 1995.
Forward-looking statements involve known and unknown risks and
uncertainties, which could cause the Company's actual results to
differ materially from those in the forward-looking statements.
Such risks and uncertainties include, among others, the
availability of funds and resources to pursue R&D projects, the
successful and timely completion of clinical studies, the ability
of the Company to take advantage of business opportunities in the
pharmaceutical industry, uncertainties related to the regulatory
process and general changes in economic conditions. Investors
should consult the Company's quarterly and annual filings with the
Canadian and U.S. securities commissions for additional information
on risks and uncertainties relating to the forward-looking
statements. Investors are cautioned not to rely on these
forward-looking statements. The Company does not undertake to
update these forward-looking statements. We disclaim any obligation
to update any such factors or to publicly announce the result of
any revisions to any of the forward-looking statements contained
herein to reflect future results, events or developments except if
we are requested by a governmental authority or applicable law.
DATASOURCE: AETERNA ZENTARIS INC. CONTACT: Investor Relations:
Ginette Vallieres, Investor Relations Coordinator, (418) 652-8525
ext. 265, ; Media Relations: Paul Burroughs, Director of
Communications, (418) 652-8525 ext. 406,
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