The Nasdaq Stock Market will inform Plymouth-based Urologix Inc. by Feb. 15 whether it will get a requested extension to help the company avert delisting on the exchange.
In August, Nasdaq sent a letter to Urologix stating that the bid price of the urological device company's common stock was below $1 a share for 30 consecutive business days — meaning it wasn't in compliance with listing rules.
Nasdaq gave the company 180 days — until Feb. 15 — to get into compliance. But since then, Nasdaq changed its listing rules to permit some companies to receive a second 180-day grace period. In mid-January, Urologix wrote the Nasdaq requesting the extension and agreeing to a reverse stock split should it fail to reach listing standards during that period. Nasdaq said it will make a determination on the request by next week.
Today, Urologix's stock was trading around 64 cents a share.
Meanwhile, the company reported a $712,000 net loss in its fiscal second quarter, and sales declined 18 percent to $3.3 million.
Urologix requests extension on delisting
Plymouth-based urological device company encounters difficulties
February 7, 2011 at 9:15PM
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