Cardium Therapeutics, Inc. (Cardium Therapeutics), a California-based medical technology company, has updated regarding its exchange listing compliance plan which has been accepted by the NYSE Amex. As reported earlier on December 30, 2008, Cardium Therapeutics received notification from the staff of its current listing exchange indicating that the company was considered to be noncompliant with certain listing requirements of the NYSE Alternext.
Based on the company’s quarterly report on Form 10-Q, which was filed on November 10, 2008, noncompliance was noted with respect to the requirements for minimum stockholders’ equity and maintenance of a sufficient base of financial resources to support expected activities, under sections 1003(a)(i) and (iv), respectively, of the exchange’s current company guide, as described in more detail in the company’s report on Form 8-K which was filed on December 30, 2008.
The notification on December 30, 2008 had no current effect on the listing of the company’s shares on the exchange. Rather, the company was afforded the opportunity to submit a proposed plan to the exchange by January 23, 2009, pursuant to which the company could establish compliance with the requirements of section 1003(a)(iv) by March 23, 2009, and in compliance with all sections, including section 1003(a)(i), by June 23, 2010. The company submitted its plan on January 23, 2009.
On February 17, 2009, the exchange notified Cardium Therapeutics that it had accepted the company’s plan of regaining compliance with the requirements of section 1003(a)(iv) by March 23, 2009, and with all sections, including section 1003(a)(i), by June 23, 2010.
On April 9, 2009, the exchange notified Cardium Therapeutics that it had extended the time for compliance with the requirements of section 1003(a)(iv) from March 23, 2009 to June 27, 2009; and that the company would also need to regain compliance with section 1003(a)(ii) of the exchange’s company guide regarding maintenance of stockholder’s equity of at least $4 Million, which it would need to do by June 23, 2010.
The company will be subject to periodic review by the exchange staff during the extension period covered by the plan. Failure to make progress consistent with the plan or to regain compliance with the continued listing standards by the end of the applicable extension periods could result in the company’s shares being delisted from the exchange. If the company’s common stock was ultimately delisted from the exchange, it would be expected to trade on the OTC Bulletin Board, a regulated quotation service that provides quotes, sale prices and volume information in over-the-counter equity securities. The company’s common stock was traded on the OTC Bulletin Board until July 2007, when the company elected to instead list its shares on the American Stock Exchange.