Embattled OccuLogix falls foul of Nasdaq
This article was originally published in Clinica
Executive Summary
Troubled ophthalmic device company OccuLogix is to see its shares delisted from the Nasdaq Capital Market, with effect from September 18. The Toronto, Ontario-based company had failed to comply with the stock exchange's listing requirements, namely the minimum stockholders' equity and bid price. OccuLogix's shares have been trading consistently below the $1-mark for over a year. The firm said it intends to ask the Nasdaq listing review panel for more time to regain compliance. In the meantime, it will transfer trading of its shares from the Nasdaq to the Over-the-Counter Bulletin Board (OTCBB), on or prior to September 18.