Alseres Faces Nasdaq Delisting
Hopkinton-based Alseres Pharmaceuticals Inc. has 30 days to comply with the Nasdaq's market value, stockholder's equity and net income requirements or be delisted.
The company said it was notified Thursday by Nasdaq that the company's market value had been below $35 million for 10 consecutive days and that the company did not comply with rules requiring the company to have a minimum stockholders equity of $2.5 million or net income of $500,000 in the most recent quarter.
If the company does not regain compliance by Feb. 9, its stock will be delisted. Nasdaq's decision to delist may be appealed by the company.
Alseres said if measures it is taking to regain compliance fail, it will trade its stock on the over-the-counter bulletin board or another exchange with different listing standards.
For the third quarter, Alseres reported a net loss of $5.1 million, an operating loss of $4.5 million and no revenue.
The company is developing treatments for degenerative diseases and traumatic injuries.
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