Looks like they really have until around May since the market cap is over $15 MM.
<On November 13, 2009, EnteroMedics Inc. (the "Company") received two additional notices from The Nasdaq Stock Market ("Nasdaq") advising that for the last 30 consecutive business days, the Company's listed securities have failed to maintain (i) a minimum Market Value of Publicly Held Shares ("MVPHS") of $15,000,000 and (ii) a minimum bid price of $1.00 per share required for continued listing on the Nasdaq Global Market. Nasdaq further advised the Company that in accordance with the Nasdaq listing rules, the Company has a grace period of 90 calendar days, or until February 11, 2010, to regain compliance with the minimum MVPHS rule and a grace period of 180 calendar days, or until May 12, 2010, to regain compliance with the minimum bid price rule. Nasdaq will deem the Company to have regained compliance with these rules if at any time during the respective grace periods the Company's listed securities comply with the rules for a minimum of ten consecutive business days.
As previously reported on a Current Report on Form 8-K filed by the Company on October 23, 2009, the Company received a notice from Nasdaq on October 19, 2009 advising that it had failed to maintain the minimum market value of listed securities required for continued listing on the Nasdaq Global Market and had a grace period until January 19, 2010 to regain compliance.
The Company intends to actively monitor its performance with respect to each of these listing standards and will consider available options to resolve the deficiencies and regain compliance with the Nasdaq rules. In the event that the Company is unable to regain compliance with each of these listing standards prior to the expiration of the respective grace periods, the Company will apply to transfer its common stock to the Nasdaq Capital Market or appeal any delisting notice.
On November 19, 2009, the Company issued a press release announcing the receipt of the Nasdaq deficiency letters. A copy of the please release is filed as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference. >