Jan. 3, 2012
/PRNewswire/ -- Cardium Therapeutics (NYSE Amex: CXM) today reported on its exchange listing compliance with NYSE Amex LLC (formerly the American Stock Exchange). The Company reports that its estimated stockholders' equity is now in excess of the threshold requirements under Section 1003(a)(iii) of the exchange's listing guide, as described below.
Cardium's common stock is currently listed on the NYSE Amex LLC (the "Exchange"). To maintain that listing, the Company must continue to comply with various listing standards of the Exchange, as set forth in Part 10 of the Exchange's Company Guide. In
, Cardium received a notice from the staff of the Exchange noting that, based on their review of publicly available information; it did not meet certain of the Exchange's continued listing standards related to the maintenance of a minimum level of stockholders' equity and losses from ongoing operations. In
, the Company submitted a plan of compliance (the "Plan") advising the Exchange of the actions taken or to be taken to regain compliance with the Company Guide, particularly the maintenance of
of stockholders equity in accordance with Section 1003(a)(iii) of the Company Guide, by
August 26, 2011
, which Plan was accepted by the Exchange, and which date for compliance was thereafter extended to
, 2011. Stockholders' equity is an accounting standard essentially tracking net paid-in capital and retained earnings less cumulative losses since the Company began its operations and reporting in 2005. Cardium today reported that its year-end estimated stockholders' equity is now in excess of the corresponding threshold requirement, and that it has informed the Exchange of its successful re-establishment of the requisite stockholders' equity in accordance with its compliance plan.