NexMed Submits Plan of Compliance to Nasdaq

Tue. September 01, 2009; Posted: 12:06 AM

Aug 31, 2009 (Close-Up Media via COMTEX) -- NEXM | Quote | Chart | News | PowerRating -- NexMed, Inc., a developer of topical products based on the NexACT technology, announced that it has submitted to Nasdaq its plan to achieve and sustain compliance with Marketplace Rule 4310(c)(3).

In a release, the Company noted that the plan will be reviewed by Nasdaq and, if deemed to be acceptable, the Company would be granted up to 105 calendar days from the date of Nasdaq's notice to the company, or November 25, to evidence compliance with Marketplace Rule 4310(c)(3).

On August 14, the Company announced that it had received a notice from Nasdaq indicating that it did not comply with the minimum $2.5 million in stockholders' equity requirement for continued listing on the Nasdaq Capital Market set forth in Marketplace Rule 4310(c)(3). There can be no assurance that Nasdaq's Listing Qualifications Panel will decide to allow the Company to remain listed. If the Company's plan is not acceptable to Nasdaq, then the Company will be notified of its delisting. The Company also remains on notice for maintaining the minimum $1 bid requirement as set forth in Marketplace Rule 4310(c)(8)(D). However, because Nasdaq had suspended enforcement of this requirement until August 3, as of its most recent announcement on July 13, the Company now has until January 25, 2010 to meet that requirement.

((Comments on this story may be sent to health@closeupmedia.com))

For full details for NEXM click here.

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