Unilife in danger of losing NASDAQ listing
Unilife Corp., a York-based developer and supplier of injectable drug-delivery systems, needs to increase its common stock price to remain on the NASDAQ Stock Market, according to a report recently filed with the Securities and Exchange Commission.
The Conewago Township company received a written notice from the Listing Qualifications Department of NASDAQ on Dec. 2 that the company's stock price closed for 30 consecutive days below the $1 per share required for continued listing.
According to NASDAQ rules, Unilife now has 180 days, until May 31, 2016, to regain compliance and close at at least $1 per share for 10 consecutive business days, according to the filing.
If the company is unable regain compliance by that date, it may be eligible for an 180-day extension if it transfers its listing to the NASDAQ Capital Market.
Unilife hasn't closed above $1 per share since Oct. 16, and it closed at 70 cents per share on Monday, according to Yahoo Finance.
In a September press release, Unilife announced it would be laying off about 50 workers in a cost-cutting effort after reporting more than $90 million in losses during the 2015 fiscal year.
In a separate Septermber press release, the company announced it is exploring the possibility of selling the company, a strategic partnership or technology licensing arrangement.