Bioblast Pharma receives non-compliance notice from Nasdaq
Bioblast Pharma announced that it received a written notification from the listing qualifications department of the Nasdaq Capital Market notifying the company that Nasdaq has determined that Bioblast's stockholders' equity does not comply with the minimum $2.5M stockholders' equity requirement for continued listing on Nasdaq, as set forth in Nasdaq listing rule 5550. The Nasdaq notification does not affect the listing of the company's ordinary shares at this time. The notification provides the company has until February 22, or 45 calendar days from the date of the notification, to submit to Nasdaq a plan to regain compliance with Nasdaq Listing Rule 5550. The company currently anticipates timely submitting such a plan to Nasdaq. If the plan is accepted, Nasdaq may grant an extension of up to 180 calendar days from the date of the notification for the company to provide evidence of compliance. If the plan is not accepted or the company is not granted an extension, Nasdaq staff could provide notice that the company's ordinary shares will become subject to delisting. In such event the company may appeal the decision to reject its proposed compliance plan or any delisting determination to a Nasdaq Hearings Panel.