The firm is not in compliance with the minimum $10 million shareholders' equity.
Nasdaq has sent drug development company XTL Biopharmaceuticals Ltd. (Nasdaq:XTLB); LSE: XTL; TASE:XTL) a Staff Deficiency Letter which states that the company’s financial statements for the first half of 2007 indicate that it no longer complies with the minimum $10 million shareholders' equity requirement for continued listing on the Nasdaq Global Market.
XTL stated in its latest financial report that it has $9 million in shareholders’ equity.
XTL intends to respond to Nasdaq with information that may enable it to maintain its listing on the Nasdaq Global Market, but added that if its plan for compliance is not satisfactory it has the option to transfer its ADR listing to the Nasdaq Capital Market (previously the NASDAQ SmallCap Market).
Last week, XTL CEO Ron Bentsur told “Globes” that the company was considering delisting from the London Stock Exchange in an effort to cut costs, while continuing its listing on Nasdaq and the Tel Aviv Stock Exchange (TASE).
Published by Globes [online], Israel business news - www.globes.co.il - on August 29, 2007
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