XOMA Ltd. (NASDAQ: XOMA) has received a notice from the NASDAQ Stock Market LLC for not being able to maintain a basic stock value of minimum $1.00 per offer for over 30 business days. Even as the notice has no prompt impact on the trading of Xoma but this notice gives the company 180 days to either reach the $1.00 requirement or be delisted from the stock exchange.
If the company fails to accomplish the requirement of the minimum bid price by September 12, 2016, it may then qualify for an extra 180 days consistence period in the event that it chooses to exchange to the Nasdaq Capital Market, to exploit the extra consistence period offered on that market. To qualify, the company would be required to meet the listing prerequisite for business sector estimation of freely held shares and all other beginning posting models for the Nasdaq Capital Market, except for the offer value necessity. It would need to give composed notification of its goal to cure the lack amid the second consistence period.
Delisting May Get Averted
If the Nasdaq staff feels that the company won’t have the capacity to cure the lack or if the company is generally not qualified, the securities of the company would be liable to delisting. If this happens, the company might offer the Staff’s determination to delist its securities, yet there can be no certification the Staff would concede the Company’s solicitation for continuing listing.
The Company expects to screen the end offer cost of its normal stock. It may also mull executing accessible alternatives to recover consistence with the Minimum Bid Price Requirement under the NASDAQ Listing Rules.
Xoma is into biotechnological innovations for developing novel antibodies and they are essentially working on finding cure for endocrine ailments.
XOMA 358 is one insulin receptor antibody by the company and is currently in the Phase 2 stage of trials for finding efficacy for patients suffering from congenital hyperinsulinism (HI). The company is mulling to initiate a Phase 2 research that will also find the effect of the treatment for patients with hyperinsulinemic hypoglycemic and post-bariatric surgery (PBS) induced hyperinsulinism in later part of 2016.