Sontra faces NASDAQ delisting:
This article was originally published in Clinica
Transdermal drug delivery device developer Sontra Medical has fallen below the listing threshold for continued listing of its shares on NASDAQ, and must submit a plan of action to the market's authorities by December 7. The Franklin Lakes, Massachusetts-based developer of continuous glucose measurement technology, based on its SonoPrep skin permeation device, had shareholder equity of $1.65m in late September, below the $2.5m threshold prescribed by NASDAQ. Companies must meet this, or one of two other criteria, for continued listing: $500,000 net income in the latest year (or in two of three most recent financial years); or $35m market capitalisation. The company has already this year fallen below the $1 per share minimum bid price criterion.
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