Bioheart, Inc. (Bioheart), a cardiovascular devices company, has received a written notification from Nasdaq Stock Market (Nasdaq) on February 25, 2009. Notice determines to discontinue the company's NASDAQ listing effective as of the open of business on Friday, February 27, 2009. The company is now in the process of engaging a market maker for its common stock and causing the required application to be filed for quotation of the company's common stock on the OTC bulletin board.
The move follows the NASDAQ Stock Market staff’s determination that the company did not comply with certain of their listing requirements, including related to the market value of its common stock, and either minimum stockholders’ equity or net income from continuing operations of $500,000 in the most recently completed fiscal year or in two of the last three most recently completed fiscal years.
Howard Leonhardt, chief executive officer of Bioheart, commented: “It is unfortunate that Bioheart’s stock price has been so adversely affected by the general decline in the securities markets that it could not maintain its NASDAQ listing. The Company has been current in its filings with the SEC and there are many good things happening at Bioheart with regard to the commercialization and sales of its products that we expect will add value to the company’s equity. We look forward to re-establishing a robust market for our shares and having them approved for quotation on the OTC Bulletin Board.”