Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Stand
Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On September 5, 2008, Cell Therapeutics, Inc. (the "Company") received a letter from the Nasdaq Stock Market ("Nasdaq") notifying the Company that it is not in compliance with the minimum $50,000,000 requirement for continued inclusion under Nasdaq Marketplace Rule 4450(b)(1)(A), as a result of the Company's market value of listed securities being below $50,000,000 for the 10 days preceding the date of the letter.
If the Company does not regain compliance by October 6, 2008, Nasdaq will notify the Company that its securities will be delisted!!!
I guess Marchese really got them, he made them sell off Trisenox and the sales force, got them a 10.6 million dollar fine and helped LASH kick their asses in a lawsuit. Now, he gets to sit back and watch the company get delisted...Bankruptcy is next.