OAKLAND, Calif., Oct. 16, 2012 (GLOBE NEWSWIRE) -- Scientific Learning Corp. (Nasdaq:SCIL), a leading provider of technologies for accelerated learning, today announced it received a letter from the Listing Qualifications Department of the NASDAQ Stock Market (NASDAQ) notifying Scientific Learning of its intent to delist the Company's securities from the NASDAQ, effective at the opening of business on October 18, 2012.
In April, Scientific Learning announced that it received a letter from NASDAQ stating that (i) the Company was no longer in compliance with Marketplace Rule 5450(b)(2)(A), for the NASDAQ Global Stock Market, which requires that the market value of the Company's Common Stock be at least $50,000,000, and (ii) as provided in the NASDAQ rules, the Company had 180 calendar days, or until Oct 8, 2012, to regain compliance. In order to regain compliance in this period, the market value of the Company's common stock would have had to have been $50,000,000 or more for a minimum of 10 consecutive business days.
Scientific Learning has the right to appeal NASDAQ staff's determination to suspend trading in its securities and its delisting and deregistration from NASDAQ by submitting a hearing request no later than 4:00pm Eastern time on October 16, 2012, but does not expect to do so.Effective Thursday, October 18, 2012 the Company anticipates that its common stock will trade under its current symbol, SCIL, on the OTC Bulletin Board. "While we are disappointed that we no longer meet the market capitalization requirements to remain listed on NASDAQ, this change in trading venue has no impact on our business. We remain focused on sales execution and aligning costs," said Bob Bowen, Chairman and CEO. "Our goal is to be cash flow positive from operations in 2013." About Scientific Learning Corporation We accelerate learning by applying proven research on how the brain learns. Scientific Learning's results are demonstrated in over 250 research studies and protected by over 55 patents. Learners can realize achievement gains of up to two years in as little as three months and maintain an accelerated rate of learning even after the programs end.