Hot Features
Premium
Register for real-time alerts, custom portfolio, and market movers
Joins the exchange
Metabolix, Inc. (Nasdaq:MBLX), an advanced biomaterials company focused on sustainable solutions for the plastics industry, today announced that it received a positive determination from the Nasdaq Stock Market on January 5, 2015 granting approval of the Company’s request to transfer its listing to the Nasdaq Capital Market from the Nasdaq Global Market. The Company’s securities will begin trading on the Nasdaq Capital Market effective at the start of trading on Wednesday, January 7, 2015.
The Company’s shares will continue to trade on Nasdaq under the symbol “MBLX.” The Nasdaq Capital Market is a continuous trading market that operates in substantially the same manner as the Nasdaq Global Market and listed companies must meet certain financial requirements and comply with Nasdaq’s corporate governance requirements.
As previously reported, Metabolix was notified by Nasdaq on July 7, 2014, that it no longer satisfied the minimum bid price requirement for continued listing of $1.00 per share, as set forth in Nasdaq Listing Rule 5450(a)(1). In anticipation of not meeting the minimum bid price requirement by January 5, 2015, the end of its initial 180-day grace period, the Company applied to transfer the listing of its stock to the Nasdaq Capital Market. Upon transfer to the Capital Market, the Company is being afforded an additional 180-day grace period to regain compliance with the Nasdaq’s minimum bid price requirement.
In order to regain compliance, the minimum bid price per share of the Company’s common stock must be at least $1.00 for at least ten consecutive business days during the additional 180-day grace period, which will end on July 6, 2015. If the Company fails to regain compliance during this grace period, the Company’s common stock will be subject to delisting by Nasdaq. The Company has provided written notice of its intention to cure the minimum bid price deficiency during the second grace period by effecting a reverse stock split if necessary.
Metabolix, Inc., the company says, is an “innovation-driven specialty materials company focused on delivering high- performance biopolymer solutions to customers in the plastics industry”. Metabolix’s Mirel biopolymer resins, which are derived from renewable resources, are a family of biobased performance additives based on PHA (polyhydroxyalkanoates).
Metabolix’s proprietary biotechnology platform “enables the creation of specialty biopolymers for use in a broad range of applications such as construction and packaging materials, as well as industrial, consumer and personal care products”.
