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Print Edition StoriesMonday, December 8, 2008
Verenium threatened with delisting
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Cellulosic ethanol company Verenium Corp. said Friday it has received a noncompliance warning from the Nasdaq stock exhange, noting that the Cambridge-based company was not in compliance with regulations to be listed on the Nasdaq global market.
The Nasdaq global market requires maintaining a market capitalization of $50 million or maintaining a minimum of total assets of $50 million in revenue and assets during the past year or within the past two of the last three previous years.
Verenium (Nasdaq: VRNM) has 30 days to regain compliance. It can appeal to remain on the Nasdaq global market or apply to transfer to the Nasdaq capital market. The company closed at 63 cents per share on Friday. Year to date Verenium shares are down 87.4 percent.
Last month, Verenium reported that John McCarthy Jr. had stepped down as chief financial officer, and was replaced by Jeffrey Black, the company’s chief accounting officer since 2005, on an interim basis while officials search for a full-time replacement.
For the third quarter of this year, Verenium reported $16.4 million in total revenue compared to $10.9 million for the same periods in 2007. In August, the company also landed a $90 million licensing deal with worldwide energy giant BP PLC, which will grant BP access to certain technologies developed through the partnership.
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