Cyclacel receives delisting notice from Nasdaq

AP News
Posted: Dec 15, 2009 5:16 PM

Cyclacel Pharmaceuticals Inc. said Tuesday its shares could be delisted from Nasdaq because the company does not comply with the exchange's $10 million minimum shareholder equity requirement.

As of Sept. 30, the company's stockholders' equity was about $7.9 million.

The company received a warning letter from the Nasdaq Listing Qualifications Department on Dec. 9. It received a similar letter in August.

Cyclacel said it will request a hearing with the panel.

Shares of Cyclacel fell 12 cents, or 8.8 percent, to close at $1.24. The stock has traded between 26 cents and $1.69 over the last 52 weeks.