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ASTM > SEC Filings for ASTM > Form 8-K on 24-May-2013All Recent SEC Filings

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Form 8-K for AASTROM BIOSCIENCES INC


24-May-2013

Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Sta


Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing
Rule or Standard; Transfer of Listing.

On May 20, 2013, Aastrom Biosciences, Inc. (the "Company") received a notification letter (the "Notice") from Nasdaq's Listing Qualifications Department ("Nasdaq") advising the Company that for the past 30 consecutive business days, the Company did not meet the $35 million minimum Market Value of Listed Securities ("MVLS") for its common stock set forth in Nasdaq Listing Rule 5550(b)(2) (the "MVLS rule").

In accordance with Nasdaq Listing Rule 5810(c)(3)(C), the Notice also stated that the Company would be provided 180 calendar days, or until November 18, 2013, to regain compliance with the MVLS rule. To do so, the Company's MVLS must close at or above $35 million for a minimum of ten consecutive business days prior to that date. The Nasdaq notification has no effect at this time on the listing of the Company's common stock on the Nasdaq Capital Market. If we do not regain compliance by November 18, 2013, the Nasdaq staff will provide us with written notification that our common stock is subject to delisting. At that time, the Company may appeal the delisting determination to a Hearings Panel.

The Company will continue to monitor the bid price for its common stock and may, if appropriate, consider implementing available options to regain compliance with the MVLS Rule.


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