To maintain a listing on the NASDAQ stock exchange, corporations are required to meet minimum standards for their share price, market value and corporate governance. Generally, stocks must have a share price of at least $1 and a minimum market value of $1 million. In addition, companies listed on the NASDAQ must adhere to federal disclosure requirements for publicly traded securities and pay annual listing fees. Failure to maintain the standards -- even if the fault lies with market forces beyond the company's control -- can trigger the delisting process.
The first step in the delisting process is the deficiency notice. NASDAQ issues a notice to all companies in violation of the continued listing standards for 30 consecutive trading days. After the notice is issued, the company has 90 calendar days to regain compliance before it will lose its listing status. The company tracks compliance automatically using computer systems, and according to analyst David Westenberg at Wilmer Hale, the deficiency notice "is usually triggered by public filing of an SEC report.
Determination Letter and Trading Halt
If the company fails to regain compliance for at least 10 consecutive days during the 90-day "cure period," NASDAQ informs the company that it will be delisted in seven days and requires it to disclose the determination publicly to shareholders and potential investors. Failure to disclose results in a trading halt of the company's shares. At this point, the company also has the right to appeal the determination to NASDAQ's listing qualifications panel. The company may present the panel with a plan to achieve compliance, which the panel reviews when rendering its decision. If the panel finds the plan inadequate, the company will be delisted. The panel's decision may also be appealed to the courts and the Securities and Exchange Commission.
Adam Furestein is horrible analyst at best and a #$%$ at worst, but so are also entities like "Summer Street". Expect SEC to do nothing, they are usually busy watching pornographic websites
He is putting his money where his mouth is by buying 50,000 shares at $4.78 on Sept 15, 2014. We will know the European decision on Oct 24 or latest by Nov 21. Narachi has to be certain someone thing good is coming next to invest about $240, 000 of his own money. Who else has a better knowledge of the stock that the President of the company ?
If OREX is on CHMP schedule in Oct, we will know the outcome on 10/24/14. If not, latest on 11/21/14 as OREX should be on the agenda for sure in Nov.
I was lucky to get out. I got in in Jan 2014 on secondary, hoping to play the run up which never happened, I had about 85K shares. Waited patiently and sold at $2.38 last week, the price I bought it in Jan. Thank God I was able to get out of this POS without loosing money
Manipulation is by longs including President of the company who bought 50 k shares. The way they manipulate the stock is to buy it thinking it has good prospect, that makes the price go up. Also manipulation happens when shorts cover
President, Chief Executive Officer, Director has bought 50 k shares last week, Heather D. Turner, VP General Counsel sold 300 k shares today. Not the first time General Counsel have sold shares after approval. In the first week after Belviq approval the general counsel ARNA, Steven W. Spector J.D.dumped most of his shares too. I suppose that is how General Counsel's operate across the board.... Cash out after working hard on approval.
Y, I can see that it is $1.16 now. Safest way for you to trade is to turn off the computer and watch your favorite shows on TV
FDA has already delayed once by 3 months, why should they delay again, how much time do they want ? OREX has an agreement with the U.S. Food and Drug Administration (FDA) on a Special Protocol Assessment (SPA) for the Contrave® outcomes trial. The LIGHT studies met the specified endpoints, so FDA is obligated to approve. Besides the reason for delay was to discuss post-marketing obligations, discussions around the package, nothing that approval was in question. With Arna and VVUS already approved, there is no reason for FDA to deny Orex approval esp when it was the first weight loss drug to get a positive FDA vote and the first one to conduct a large pre-approval Cardiovascular trial.
Orex is very well funded has more than 100 million in cash, then is entitled to $100 million from Takeda after approval, European approval is a decent possibility coming Oct/Nov. So lot of positive things in horizon for Orex. I would not over think this and see no reason to start getting fearful
He certainly dose not inspire any confidence. But for his antics the stock would be at least around $6
Good move, and smart trading, Wish I was that nifty, but I have a full time job, difficulty to cater to hour by hour gyrations of the stock