Business
Oncothyreon announces receipt of NASDAQ letter regarding compliance with NASDAQ Global Market listing standards
SEATTLE, Sept. 17 /CNW/ - On August 20, 2008 Oncothyreon Inc. (Nasdaq: ONTY) (TSX: ONY) disclosed...
About this update from Cascade Copper Corp.
[{"type":"text","content":"\n\n\n\nSEATTLE, Sept. 17 /CNW/ - On August 20, 2008 Oncothyreon Inc. (Nasdaq:\nONTY) (TSX: ONY) disclosed that it had received a letter from The Nasdaq Stock\nMarket indicating that (i) it did not comply with the requirements for\ncontinued listing on The NASDAQ Global Market because it did not meet the\nmaintenance standard in Marketplace Rule 4450(b)(1)(A) that specifies, among\nother things, that the market value of its common stock be at least\n$50 million and (ii) in accordance with the Marketplace Rule 4450(e)(4), it\nhad a 30-calendar-day period in which to regain compliance. On September 16,\n2008 Oncothyreon received a Staff Determination Letter from The Nasdaq Stock\nMarket indicating that it has not regained compliance.\n\n\nOncothyreon intends to request a hearing by a Nasdaq Listing\nQualifications Panel to appeal such determination. Oncothyreon expects the\nhearing to take place within four to eight weeks, and its shares will continue\nto be listed on The NASDAQ Global Market pending the outcome of the hearing.\n\n\nOn September 2, 2008 Oncothyreon announced its intention to offer\n5,100,000 shares of its common stock. The standards for listing on The NASDAQ\nCapital Market provide, among other things, that an issuer maintain\nstockholders' equity of at least $2.5 million or minimum market value of\nsecurities of at least $35.0 million. If Oncothyreon generates net proceeds in\nexcess of $5.0 million, Oncothyreon believes that it will meet the standards\nfor listing on The NASDAQ Capital Market. If Oncothyreon continues to meet\nsuch standards, it may choose at any time prior to the end of the appeal\nprocess to apply to transfer the listing of its common stock to The NASDAQ\nCapital Market, which application would be subject to Nasdaq approval.\n\n\nA registration statement relating to Oncothyreon's common stock (File No.\n333-149837) has been declared effective by the Securities and Exchange\nCommission. This press release shall not constitute an offer to sell or the\nsolicitation of an offer to buy nor, shall there be any sale of such\nsecurities in any jurisdiction in which such an offer, solicitation or sale\nwould be unlawful prior to registration or qualification under the securities\nlaws of any such jurisdiction. Any offer of such securities will be solely by\nmeans of a prospectus included in the registr...