Nasdaq Warns GTC Of Delisting
GTC Biotherapeutics Inc. of Framingham has been warned by the Nasdaq stock market that the company's stock will be delisted for noncompliance with market value rules.
The Nasdaq warned GTC in a letter that it must request a hearing before the Nasdaq Listing Qualifications Panel in order to avoid being delisted. The company said it intends to request a hearing. At best, the panel may grant GTC a 180-day extension.
The Nasdaq requires that companies maintain a market value of $35 million in order to remain listed.
In June, GTC received a staff deficiency letter from the Nasdaq that gave the company until Sept. 16 to bring its market value back to at least $35 million for 10 consecutive days.
GTC only regained compliance with the $35 million market value rule in May after falling out of compliance last fall and being temporarily suspended from the Nasdaq.
GTC lost $10.8 million during the second quarter, but said it had taken steps to "re-establish the financial stability" of the company.
The second quarter's loss dwarfs the $2.2 million loss the Framingham-based company reported for the same period a year ago.
GTC has developed an anti-clotting drug based on a protein produced in the milk of genetically modified goats.
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