Market regulators are threatening to de-list Helicos BioSciences Corp. (NSDQ:HCLS) unless the gene sequencing firm can coax its share price above $1 for more than 10 days.
Officials at the Cambridge, Mass.-based firm received a letter earlier this week that the bid price of its stock has closed below $1 a share for more than 30 consecutive business days, triggering a 180-day window for Helicos to get its stock price above that threshold for at least two weeks or risk de-listing from the NASDAQ Global Market.
The potential de-listing was disclosed in an April 15 regulatory filing. In the notice, Helicos officials said that a potential de-listing would have no immediate effect on the stock or the company’s operations, adding the firm has several alternatives even if it can’t meet NASDAQ’s minimum listing standards by the Oct. 11 deadline.
One potential option would be a formal appeal to the NASDAQ Listings Qualifications Panel, seeking extra time or an outright exemption from the $1 minimum. More likely, however, would be a move to the NASDAQ Capital Market, which would give Helicos another 180 days to finally edge above $1 a share on a consistent basis.
