Memory seeks stock split to avoid Nasdaq delisting

Unless it requests a hearing, Memory Pharmaceuticals will be delisted from the Nasdaq. The US drugmaker has received a letter from the Nasdaq Listing Qualifications Department stating that, because it has not regained compliance with the $1.00 bid price requirement, its securities are subject to delisting from the Nasdaq Global Market. The company intends to request a hearing before the Listing Qualifications Panel, which will automatically stay the delisting of its securities until the panel issues a decision after this.

At the hearing, the company expects to present its plan to achieve and sustain compliance with all requirements for continued listing, including the minimum stockholders' equity requirement. As set forth in a proxy statement dated May 19, the company is requesting stockholder approval to effect a reverse stock split to remedy the bid price deficiency.