Large Scale Biology misses Nasdaq listing standards due to low stock price

By Jennifer Chiou

New York, Aug. 30 - Large Scale Biology Corp. received notice from the Nasdaq Stock Market on Aug. 24 that it does not comply with Nasdaq's listing rules due to its stock price closing below the minimum $1.00 per share requirement for 30 consecutive days, according to an 8-K filing with the Securities and Exchange Commission.

The Vacaville, Calif., company has a 180-day cure period to regain compliance. The company's stock must close at $1.00 per share or more for a minimum of 10 days by Feb. 21.

Large Scale Biology, which develops therapeutics and industrial proteins, vaccines and diagnostic products, said it will seek to regain compliance during the cure period and may carry out a reverse stock split.

If Large Scale Biology has not regained compliance at the deadline, the Nasdaq staff will determine whether the company meets its initial listing criteria, except for the bid price requirement. If it does meets the initial listing criteria, the Nasdaq staff will give the company an additional 180-day compliance period.

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