Ceres, Inc., an agricultural biotechnology company that sells seeds for producing renewable bioenergy feedstocks, is delisting from the Nasdaq after the company continued to fail to meet the minimum bid price requirement of $1.00.
The company was notified on April 28, that it no longer met the criteria for listing and in anticipation of not meeting the minimum bid price by the end of its 180-day grace period, which ends Oct. 27, applied to transfer its stock listing to The Nasdaq Capital Market. Ceres application received approval Oct. 23.
The transfer gives the gompany with an additional 180-day grace period to regain compliance with the Nasdaq’s minimum bid price requirement. To meet the requirements Ceres common stock must be at least $1.00 for ten consecutive business days during the grace period, which ends April 27 of next year. according to company filings with the SEC.
If the Ceres fails the company’s common stock will be subject to delisting by Nasdaq. According to the SEC filing, the company provided written notice of its intention to meet the minimum bid price during the second grace period using a reverse stock split if necessary.
The Thousand Oak-based company’s stock was down 6.9 percent to 35 cents per share when the markets closed on Oct. 24.