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SVNTQ > SEC Filings for SVNTQ > Form 8-K on 21-Nov-2013All Recent SEC Filings




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

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

As previously disclosed in its Current Report on Form 8-K filed on October 15, 2013, on October 8, 2013, Savient Pharmaceuticals, Inc. (the "Company") received a Staff Delisting Determination letter from the Listing Qualifications Staff (the "Staff") of The NASDAQ Stock Market ("NASDAQ") notifying the Company that it had not timely regained compliance with the $1.00 minimum bid price requirement for continued listing on The NASDAQ Global Market, as set forth in Listing Rule 5450(a)(1), and that, as a result, the Company's securities would be subject to delisting unless the Company timely requested a hearing before the NASDAQ Hearings Panel. As the Company determined not to appeal the Staff's determination, the Company's common stock was suspended on October 17, 2013 and has not traded on NASDAQ since that time.

On November 21, 2013, the Company received correspondence from the NASDAQ Hearings Coordinator indicating that on November 26, 2013, pursuant to its obligations under NASDAQ Listing Rule 5830 and Rule 12d2-2 of the Securities Exchange Act, the NASDAQ Stock Market will be issuing a press release announcing that it will file a Form 25 with the Securities and Exchange Commission to complete the delisting of the Company's common stock. The delisting becomes effective ten days after the Form 25 is filed.

The Company's common stock is currently quoted on the OTCQB Marketplace (the "OTCQB") under the symbol "SVNTQ." However, the Company can give no assurance that trading in its common stock will continue on the OTCQB or on any other securities exchange or quotation medium.

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