Avalon Pharmaceuticals, of Germantown, recently announced that it received a deficiency notice from the Nasdaq Stock Market, telling the company it is not in compliance with the Nasdaq Marketplace Rule.
According to the Nasdaq, the company’s stockholders’ equity did not meet the minimum of $10 million required for continued listing on the Nasdaq Global Market. The notification has no immediate effect on the Nasdaq listing or trading of the company’s common stock.
The Nasdaq staff is reviewing Avalon’s eligibility for continued listing on the Nasdaq Global Market and has asked the company to provide a specific plan to achieve and sustain compliance with all of the Nasdaq Global Market listing requirements, including a time frame for completion of the plan.
Avalon is in the process of preparing a response to Nasdaq’s request for a plan.
