DANBURY, Conn., May 10, 2012 /PRNewswire/ -- Biodel Inc. (Nasdaq: BIOD) today announced that NASDAQ has approved the Company's request to voluntarily transfer the listing of its shares of common stock from The NASDAQ Global Market to The NASDAQ Capital Market. The transfer will be effective at the opening of business on May 11, 2012 and the Company's common stock will continue to trade under the symbol "BIOD."
As previously reported on November 9, 2011, NASDAQ notified the Company that its listed security no longer met the minimum $1.00 bid price per share requirement, and subsequently the Company was unable to regain compliance within the 180 day period provided. NASDAQ has determined, however, that upon transfer to The NASDAQ Capital Market, the Company is eligible for an additional 180 calendar day period, or until November 5, 2012, to meet the minimum $1.00 bid price per share requirement. If at any time during this additional time period the closing bid price of the Company's security is at least $1.00 per share for a minimum of 10 consecutive business days, the Company will be in compliance with the requirement and the matter will be closed. If needed to meet the minimum $1.00 bid price per share requirement, the Company's board of directors intends to exercise the authority granted to it by stockholders to implement either a one-for-two or one-for-four reverse stock.
The NASDAQ Capital Market is one of the three markets for NASDAQ-listed stock and operates in the same manner as The NASDAQ Global Market. Companies listed on The NASDAQ Capital Market must meet certain financial requirements and adhere to NASDAQ's corporate governance standards.
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