ROMEOVILLE, Ill., Dec. 23 /PRNewswire-FirstCall/ -- Nano phase Technologies Corporation (Nasdaq: NANX), a technology leader in the development of advanced nanoengineered products, announced today that on December 18, 2009, it received notice from the NASDAQ Stock Market that the closing bid price of its common stock had fallen below $1.00 for thirty consecutive business days and is currently not in compliance with NASDAQ Listing Rule 5450(a)(1). Nanophase has a 180-day grace period, ending June 16, 2010, to regain compliance with the Rule. To regain compliance, the bid price for the Company's common stock must close at $1.00 or higher for a minimum of 10 consecutive business days within the stated 180-day grace period.
"Our strategy is just beginning to demonstrate the results we expect to see throughout 2010, and we believe the first quarter will be pivotal," commented Nanophase CEO Jess Jankowski. "We are well positioned for growth in highly targeted vertical markets and are confident our stock price will reflect our success."
Under Listing Rule 5450(a)(1), if the company has not regained compliance, by the close of the initial 180-day grace period, it may be eligible for an additional grace period of 180 days, if it meets the initial listing standards, with the exception of bid price, for the NASDAQ Capital Market. If the company is not eligible for an additional grace period, it will receive notification that its securities are subject to delisting, and it may then appeal the delisting determination to a Hearings panel.
The notice from NASDAQ has no effect on the listing of the Company's common stock at this time, and its common stock will continue to trade on the NASDAQ Global Market under the symbol "NANX."About Nanophase Technologies Nanophase Technologies Corporation (NANX), www.nanophase.com, is a leader in nanomaterials technologies and provides nanoengineered products and solutions for multiple industrial product applications. Using a platform of patented and proprietary integrated nanomaterial technologies, the Company creates products with unique performance attributes from two ISO 9001:2000 and ISO 14001 facilities. Nanophase delivers commercial quantity and quality nanoparticles, coated nanoparticles, and nanoparticle dispersions in a variety of media.