Nasdaq Hearings Last Hope For GTC Listing
Framingham-based GTC Biotherapeutics Inc. said it intends request a hearing before a Nasdaq listing qualifications panel in an attempt to save the company's stock from being delisted.
GTC was notified in January that its common stock price had been below the minimum required $1 bid price for 30 consecutive days. The company was granted 180 days to regain compliance with the Nasdaq price rule.
However, the company has failed to bring its stock price to $1 per share and its last hope is a favorable decision from the listing panel.
More recently, the company was notified that it was not in compliance with the Nasdaq's market value requirement after its market value had been below $50 million for 30 consecutive days. The company has until July 31 to regain compliance with that rule. The company said it plans to request a hearing on that rule as well.
The company is developing protein therapies for the treatment of human diseases. The proteins are produced in the milk of genetically modified goats.
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