NEWARK, Del., Nov. 30, 2011 /PRNewswire/ -- iBio, Inc. (NYSE AMEX: IBIO) today announced that it has submitted its plan (the "Plan") to satisfy the requirements for continued listing on the NYSE Amex LLC (the "Exchange") to the Exchange's Corporate Compliance Department management (the "Staff") for their review, and that the Company is currently awaiting a response from the Staff in connection therewith. As previously announced, the Staff indicated that its review of the Company's Form 10-K for the year ended June 30, 2011, indicated that the Company is not in compliance with Section 1003(a)(iv), as more particularly described in the Company's November 7 press release.
Questions received by the Company following its November 7th press release reflected lack of public understanding of the process followed by the Exchange. Consequently, iBio wishes to provide a brief description of the process the Exchange follows after submission of a Plan.
The Staff will evaluate the Plan, including any supporting documentation, and make a determination as to whether the Company has made a reasonable demonstration of its ability to regain compliance with the continued listing standards within the specified time frame. If the Staff concludes that the Company has made the necessary demonstration, the Plan will be accepted and the Company will be able to continue its listing during the Plan period. The Company will be subject to periodic reviews during the Plan period to determine whether it is making progress consistent with the Plan. If the Staff determines that the Company is not making the necessary progress, consistent with the Plan, it may terminate the Plan period and initiate delisting proceedings.
If the Plan is not accepted, or if the Company fails to demonstrate compliance with the applicable listing requirements by the end of the Plan period, the Staff will initiate delisting proceedings. However, the Company may appeal a Staff determination to initiate delisting proceedings to an independent Listing Qualifications Panel of the Exchange Committee on Securities (the "Panel") in accordance with the Exchange's Company Guide. The filing of an appeal would stay any delisting action at least until the Panel renders its decision following a hearing. It generally takes approximately 45 days to hold such a hearing.