New-haven based Vion Pharmaceuticals Inc., a developer of cancer therapies, may be delisted by Nasdaq because its equity has fallen below a minimum of $2.5 million in stockholders’ equity.
In a letter from the Nasdaq Stock Market Inc., Vion failed to comply with its marketplace rule which requires a minimum of stockholder equity, or $35 million market value of listed securities, or $500,000 of net income from continuing operations for the most recently completed fiscal year.
As a result, Nasdaq is reviewing the company’s eligibility for continued listing on The Nasdaq Capital Market. To facilitate this review, Vion has been asked to provide a specific plan to achieve and sustain compliance with all The Nasdaq Capital Market listing requirements by April 15, including the time frame for completion of the plan.
