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Altus Pharmaceuticals Inc. has announced that the Nasdaq Stock Market told the company it has until Aug. 24 to come up with a plan to regain compliance with the rules of the exchange or risk being delisted. The Waltham-based biotechnology company is in noncompliance with the $10 million minimum stockholders’ equity requirement, according to the company’s latest quarterly earnings report, which was released last week.
As of June 30, the company’s stockholders equity was approximately $5.8 million. This notification has no immediate effect on the company’s listing on The Nasdaq Global Market or on the trading of the company’s common stock.
If Altus submits a plan by the Aug. 24 deadline, Nasdaq may grant the company up to 105 days from Aug. 7, to achieve and sustain compliance. If Nasdaq determines that the company’s plan is not sufficient to achieve and sustain compliance, it will provide written notice that Altus’ common stock would be subject to delisting from The Nasdaq Global Market. The company would then have the opportunity to appeal the ruling and ask for a hearing.
Altus is considering its options. Officials say the company may submit a compliance plan or may decide to apply for listing on the Nasdaq Capital Market, a continuous trading market that operates in the same manner as The Nasdaq Global Market.
The company believes that it currently meets all of the requirements for continued listing on The Nasdaq Capital Market, other than a minimum bid price of at least one dollar.
Altus officials said, at the time of their quarterly report’s release, that the company would run out of money by the end of September, if it cannot secure additional funding.
Altus’ stock (Nasdaq: ALTU) was trading at 38 cents in midmorning trading on Tuesday, unchanged from the precious close.
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