GTC facing delisting after NASDAQ warning

USA-based GTC Biotherapeutics has received notice from the listing qualifications staff of the Nasdaq stock market indicating that the firm no longer satisfies the minimum $2.5-million stockholders' equity requirement for continued listing on the Nasdaq, as set forth in Marketplace Rule 4310.

The Nasdaq staff requested that the company provide a plan to achieve and sustain compliance with all requirements for continued listing, including a timeframe for completion. GTC says it anticipated receipt of the Nasdaq notice and is preparing its appeal for a timely submission.

"We will be submitting our plan to regain compliance to the Nasdaq staff and we look forward to engaging in this discussion through the review and, if necessary, appeal process," said chief executive Geoffrey Cox. "Our strengths in expected near-term news flow, as well as the financial support from current and potential future partners, leaves GTC well positioned to regain compliance," he added.