Full Press Release Details
information: Michael R. Cox
LAFAYETTE, IN, September 22, 2009 - Bioanalytical Systems, Inc. (Nasdaq: BASI)
announced today that it received notification from the Nasdaq Listing
Qualification Department on September 16, 2009 that it has failed to maintain a
minimum of $5.0 million in market value of publicly held shares (the "MVPHS
Requirement") and at least a $1 minimum bid price for its common shares (the
"Minimum Bid Requirement"), each of which is required for continued listing of
the Company's common shares on the Nasdaq Global Market.
Company has until December 15, 2009 to regain compliance with the MVPHS
Requirement by meeting the required market value threshold for a minimum of 10
consecutive business days. As an alternative, the Company may apply
to transfer the listing of its common shares to the Nasdaq Capital Market (the
"Capital Market"), which has a minimum MVPHS Requirement of $1.0 million for
Company has until March 15, 2010 to regain compliance with the Minimum Bid
Requirement by meeting the required $1.00 bid threshold for a minimum of 10
consecutive business days. The Company intends to actively evaluate
and monitor the bid price for its common shares between now and March 15, 2010,
and consider implementation of various options available to the Company if its
common shares do not trade at a level that is likely to regain
Company is considering an application to transfer its common shares to
the Capital Market prior to December 15, 2009. Michael Cox, BASi's
Chief Financial Officer, commented, "For our shareholders, the transition to
Capital Market would be seamless and would not affect trading of our shares.
This transfer would ease the financial compliance burden for our Company and
would reduce our annual listing fees and expenses going forward."
Company believes that it is in compliance with all of the continued listing
standards of the Capital Market except for the Minimum Bid Requirement (which
may be waived as an initial requirement in the event of a
transfer). If the Company's minimum bid does not increase to $1.00
per share or more prior to March 15, 2010, the Company could be delisted from
the Capital Market, in which case the common shares may be traded
pharmaceutical development company providing contract research services and
monitoring instruments to the world's leading drug development companies and
medical research organizations. The company focuses on developing
innovative services and products that increase efficiency and reduce the cost of
taking a new drug to market. Visit www.BASInc.com for
more information about BASi.
release contains forward-looking statements that are subject to risks and
uncertainties including, but not limited to, changes in the market and demand
for our products and services, the development, marketing and sales of products
and services, changes in technology, industry standards and regulatory
standards, and various market and operating risks detailed in the company's
filings with the Securities and Exchange Commission.