Radiopharmaceutical firm Immunomedics said it plans to appeal a Nasdaq staff ruling that found the company violated Nasdaq marketplace shareholder approval rules in its financing that closed April 29.
The Morris Plains, NJ-based firm said it expects to file a notice of appeal on or before June 17 to temporarily prevent a delisting. The firm said it would also continue to explore the possibility of amending the terms of the notes and the warrants issued in the financing in an effort to regain compliance with Nasdaq rules.
The firm is filing a preliminary proxy statement with the Securities and Exchange Commission regarding a special meeting of its shareholders. The meeting will be convened to seek approval of the additional authorized shares needed for the recent financing, as well as approval of the issuance of shares of common stock.
Immunomedics is also continuing to pursue its application to transfer the listing of its common stock to the American Stock Exchange (AMEX).
By AuntMinnie.com staff writers
June 15, 2005
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Immunomedics revenues sag, September 9, 2004
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