Senesco Announces Delisting Of Common Stock From NYSE MKT LLC And Pending Transfer To An Over-the-Counter Securities Market
Senesco Technologies, Inc. (“Senesco” or the “Company”) (NYSE MKT: SNT) received verbal notice from NYSE MKT LLC of the exchange’s decision to delist the Company’s common stock from the NYSE MKT, effective prior to the open of trading on Wednesday, November 21, 2012. As previously disclosed, the Company has been in discussions with NYSE MKT LLC regarding the Company’s continued inability to meet the exchange’s continued listing requirements. On August 22, 2012, the Company received a notice from NYSE Regulation, Inc. on behalf of NYSE MKT providing notification that NYSE MKT has determined not to grant the Company an extension of time to cure the non-compliance and that, therefore, the NYSE MKT intended to file a delisting application with the Securities and Exchange Commission striking the Company’s common stock from the NYSE MKT. The Company requested an appeal of the NYSE MKT’s determination and the Company was granted a hearing with a committee of NYSE MKT in accordance with the Company’s rights as set forth in Sections 1203 and 1009(d) of the NYSE MKT Company Guide. The appeal hearing was held on October 24, 2012 and the NYSE MKT granted the Company an extension through November 5, 2012, which was subsequently extended through November 12, 2012 due to the effects of Hurricane Sandy, within which to regain compliance. As of November 12, 2012, the Company failed to meet the continued listing requirements and was subsequently notified of the NYSE MKT’s decision to delist the Company’s common stock. Upon delisting from the NYSE MKT, the Company intends to have its common stock quoted on an over-the-counter securities market.
About Senesco Technologies, Inc.
Senesco, a leader in eIF5A technology, is running a clinical study in multiple myeloma with its lead therapeutic candidate SNS01-T, which targets B-cell cancers by selectively inducing apoptosis by modulating eukaryotic translation initiation factor 5A (eIF5A), which is believed to be an important regulator of cell growth and cell death. Accelerating apoptosis may have applications in treating cancer, while delaying apoptosis may have applications in treating certain inflammatory and ischemic diseases. Senesco has already partnered with leading-edge companies engaged in agricultural biotechnology and biofuels development, and is entitled to earn research and development milestones and royalties if its gene-regulating platform technology is incorporated into its partners’ products.
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