Melanoma Diagnostic Provider, MELA Sciences Receives 180-Day Extension to Meet NASDAQ Minimum Bid Price
24 February 2014 - 11:55PM
Business Wire
MELA Sciences, Inc. (NASDAQ:MELA), (the Company) developer of
MelaFind®, an FDA approved optical diagnostic device that
assists dermatologists in melanoma diagnosis, has filed a Form 8-K
providing full details of a 180-day grace period it has received
from NASDAQ to fulfill the minimum $1.00 bid price requirement. The
extension gives the Company until August 18, 2014 to regain
compliance.
The Form 8-K can be found in its entirety on the Company’s
website at melasciences.com/investors/secfilings or the U.S.
Securities and Exchange Commission’s website at www.sec.gov.
Following is the text as provided in the filing.
Item 8.01 — Other Events
A. On August 22, 2013, The NASDAQ Stock
Market (“Nasdaq”) notified MELA Sciences, Inc. (the “Company”) that
for the previous 30 consecutive business days, the Company was not
in compliance with Rule 5550(a)(2) of the Nasdaq Listing Rules.
Rule 5550(a)(2) requires the Company’s common stock to maintain a
minimum bid price of $1.00 per share. Therefore, under Nasdaq’s
continued listing requirements, a deficiency existed. The
notification had no immediate effect on the listing of the
Company’s common stock.
Nasdaq Listing Rule 5810(c)(3)(A) provided
the Company with an automatic grace period of 180 days, which ended
on February 18, 2014, in order to regain compliance with the
minimum bid price requirement. On February 19, 2014, Nasdaq
notified the Company that while the Company had not regained
compliance with the minimum bid price requirement, it was eligible
for an additional 180 day grace period, until August 18, 2014, to
regain compliance with the minimum bid price requirement.
Nasdaq has informed the Company that in the
event the Company is unable to regain compliance with the minimum
bid price requirement by August 18, 2014, Nasdaq will provide
written notification to the Company that its securities will be
delisted. At that time, the Company may appeal the delisting
determination to a Nasdaq Hearings Panel. The Company will monitor
the closing bid price of its common stock and will consider various
possible options if it does not appear that it will regain
compliance by August 18, 2014.
About MELA Sciences, Inc. www.melasciences.com
MELA Sciences is a medical device company developing dermatology
diagnostics utilizing state-of-the-art optical imaging. The
flagship product is MelaFind®, an FDA, PMA and CE Mark approved,
non-invasive diagnostic tool to aid dermatologists in melanoma
evaluation and diagnosis. MelaFind® uses a variety of visible to
near-infrared light waves to evaluate skin lesions from the surface
to 2.5 mm beneath the skin. It provides images and data on the
relative disorganization of a lesion's cell structure that provides
substantial additional perspective to aid melanoma diagnosis. MELA
is also exploring new potential uses for its core imaging
technology and algorithms.
Twitter:
MELASciencesIR or MelaFind
Facebook:
MelaFind
StockTwits:
MELASciencesIR
MediaMELA Sciences, Inc.Diana Garcia Redruello,
212-518-4226dgarcia@melasciences.comorInvestorsCatalyst
GlobalToni Trigiani, David Collins,
212-924-9800mela@catalyst-ir.com
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