Radiopharmaceutical developer Navidea Biopharmaceuticals said the New York Stock Exchange (NYSE) American has accepted the company's plan to regain compliance with stock listing standards.
NYSE American had informed Navidea in August that the company was not in compliance with listing standards relating to stockholders' equity and the selling price per share of its securities. Although NYSE American accepted the vendor's plan to regain compliance, it also informed Navidea that there was an inadvertent omission in its previous deficiency letter to the firm.
Companies are required to have stockholders' equity of at least $6 million if they have reported losses from continuing operations and/or net losses in their five most recent fiscal years. Navidea had stockholders' equity of $2.1 million as of June 30, and it has reported losses from continuing operations and/or net losses in its five most recent fiscal years. What's more, its shares have been selling at a low price per share.
In the acceptance letter, NYSE American said it has granted Navidea a plan period through February 14, 2020, to regain compliance with three sections of the listing standards and through February 14, 2019, for one section. If it does not meet those deadlines, NYSE American staff may commence delisting procedures, Navidea said.
In the meantime, Navidea's common stock will continue to be listed on the NYSE American exchange while it attempts to regain compliance with these listing standards. It will trade under the symbol NAVB.BC, indicating its current lack of compliance with NYSE American's listing standards.
