Astrotech Corporation Receives Additional 180 Day Grace Period to Regain Compliance With NASDAQ's Minimum Bid Price Requirement
Austin, TX (February 29, 2012) -
Astrotech Corporation (Nasdaq:ASTC) announced today that the Company has received a second compliance notice from The NASDAQ Stock Market ("NASDAQ") regarding the Company's failure to maintain the minimum bid price for continued listing. However, the NASDAQ staff has determined that the Company is eligible for an additional 180 day grace period, or until August 27, 2012, to regain compliance. NASDAQ's determination was based on the Company meeting the continued listing requirement for market value of publicly held shares and all other applicable requirements for initial listing on the NASDAQ Capital Market, with the exception of the bid price requirement, and the Company's written notice to NASDAQ of its intention to cure the deficiency during the second compliance period by effecting a reverse stock split, if necessary.
The Company previously received a written notification from NASDAQ on August 30, 2011, indicating that the minimum bid price of the Company's common stock had fallen below $1.00 for 30 consecutive trading days and that it was therefore not in compliance with NASDAQ Listing Rule 5550(a)(2).
About Astrotech Corporation
Astrotech is one of the first space commerce companies and remains a strong entrepreneurial force in the aerospace industry. We are leaders in identifying, developing and marketing space technology for commercial use. Our Astrotech Space Operations business unit serves our government and commercial satellite and spacecraft customers with pre-launch services on the eastern and western range. 1st Detect Corporation is developing what we believe is a breakthrough miniature mass spectrometer, while Astrogenetix, Inc. is a biotechnology company utilizing microgravity as a research platform for drug discovery and development.
FOR MORE INFORMATION:
Chief Financial Officer