Bionutrics, Inc. Receives Notification of Delisting From Nasdaq Listing Qualifications Panel.Business Editors PHOENIX--(BUSINESS WIRE)--July 19, 2001 Bionutrics, Inc., (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : BNRX) announced today that it received notification on July July: see month. 18, 2001 of a Nasdaq Staff Determination indicating the Company's securities would be delisted from The Nasdaq SmallCap Market as of the opening of business on July 19, 2001. It's shares will be eligible to be traded on the OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. . The Company previously announced that it had received a Nasdaq Staff Determination indicating the Company no longer complied with the continued listing requirements Listing requirements Requirements, including minimum shares outstanding, market value, and income, that are laid down by an exchange for any stock to be listed for trading. of The Nasdaq Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. , and that its securities were therefore subject to being delisted from the Nasdaq SmallCap Market. The Company exercised its right to appeal the Staff Determination and requested a hearing before a Nasdaq Listing Qualifications Panel. The hearing occurred on June 13, 2001 and this Nasdaq Staff Determination is the culmination of that hearing. Nasdaq has advised Bionutrics, Inc. that the Nasdaq Listing and Hearing Review Council (the "Listing Council") may, on its own motion, determine to review the Panel decision within 45 calendar days after issuance of the written decision. If the Listing Council determines to review this decision, it may affirm, modify, reverse, dismiss, or remand To send back. A higher court may remand a case to a lower court so that the lower court will take a certain action ordered by the higher court. A prisoner who is remanded into custody is sent back to prison subsequent to a Preliminary Hearing before a tribunal or magistrate the decision to the Panel. The Company will be immediately notified in the event the Listing Council determines that this matter will be called for review. The Company may also request that the Listing Council review this decision. This request for review must be made in writing and received within 15 days from the date of this decision. The institution of a review, whether by way of the Company's request, or on the initiative of the Listing Council, will not operate as a stay of this decision. Bionutrics is a biopharmaceutical company founded to discover and develop novel biologically active compounds derived from natural sources. Natural, biologically active compounds have potential applications as functional nutrition ingredients as well as ethical drugs. Bionutrics is presently developing proprietary functional nutrition ingredients and pharmaceutical products and intends to market these products through strategic alliances. "Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. "' statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: This release contains forward looking statements regarding the Company's future prospects, which are subject to risks and uncertainties, including, but not limited to, new product development, the impact of competitive products and pricing, product demand and market acceptance, future research, reliance on key strategic alliances, the regulatory environment and governmental approval processes, fluctuations in operating results and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion