SAN DIEGO, Dec. 6, 2012 /PRNewswire/ -- Cardium Therapeutics (NYSE MKT: CXM) reported on a communication from staff of its current listing exchange that it considered the company to be noncompliant with certain listing requirements based on its quarterly report for the period ended September 30, 2012, and provided that the company should submit a plan to staff of the exchange that would reestablish compliance with the NYSE MKT listing requirement by March 31, 2013. The company reported that it has already submitted a plan designed to reestablish compliance with the exchange's requirement in advance of the March 31, 2013 timeframe. Additional information and provisions regarding the NYSE MKT requirements are found in Part 10 of its company guide.
Based on the company's quarterly report on Form 10-Q for the period ended September 30, 2012, noncompliance was noted with respect to the requirement of section 1003(a)(iv) of the company guide for NYSE MKT. The exchange indicated that in order to maintain its NYSE MKT listing, a plan should be submitted by December 31, 2012 addressing regaining compliance with Section 1003(a)(iv) of the exchange's company guide by March 31, 2013. Additional information and provisions regarding the NYSE MKT requirements are found in Part 10 of its company guide. The company has disputed the staff's basis for its determination of deemed noncompliance, but it has also already submitted a plan designed to reestablish compliance with the listing requirement in advance of the timeline requested.
The communication and compliance plan has no current effect on the listing of the company's shares on the exchange. If the plan is not acceptable or the company does not make sufficient progress under the plan or reestablish compliance by
March 31, 2013, then staff of the exchange may initiate proceedings for delisting from the NYSE MKT. The company may then appeal a staff determination to initiate such proceedings in accordance with the exchange's company guide. If the company's common stock was not traded on the NYSE MKT, it would be expected to trade on the OTCQX, an alternative regulated quotation service that provides quotes, sale prices and volume information in over-the-counter equity securities. The company's common stock was traded on the OTC until
July 2007, when the company elected to instead list its shares on the American Stock Exchange.