Another Step Forward Aastrom Biosciences (NASDAQ:ASTM)
Aastrom is a leader in regenerative medicine developing autologous cell products for the treatment of severe, chronic cardiovascular diseases. ASTM’s proprietary Tissue Repair Cell (TRC) technology expands the numbers of stem and early progenitor cells from a small amount of bone marrow collected from the patient.
Updating our blogs on 10/25/09, 11/9/09 and 11/16/09:
NASDAQ Hearings Panel Granted an Exception Period to Aastrom based on its request to remain listed on the NASDAQ Stock Market on 11/9/09 until 3/31/10, subject to certain conditions:
- The Panel’s determination letter, dated 12/8/09, states that Aastrom must meet the $1.00 minimum closing bid price requirement for a minimum of 10 consecutive business days prior to 3/31/10 in order to remain listed after such date,
- The Panel may, in its discretion, require ASTM to maintain a minimum closing bid price of at least $1.00 per share for a period in excess of 10 consecutive business days (but generally no more than 20 consecutive business days) before determining that Aastrom has demonstrated the ability to maintain long-term compliance.
Bottom Line: In the determination letter, the Panel also acknowledged:
- ASTM’s commitment to implement a reverse stock split, assuming that is necessary to regain compliance,
- With unanimous consent of the Board of Directors, ASTM has filed a definitive proxy that includes a proposal seeking shareholder approval to affect a reverse stock split,
- The Panel has reserved the right to reconsider its decision at any time and Aastrom must provide the Panel notice of any significant events during the exception period.