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BY OUR PHARMA CORRESPONDENT
13 September,2005: The California-based Impax Laboratories has been delisted from Nasdaq.
The company has received notification from the Nasdaq Stock Market that the Nasdaq Listing Qualification Panel has determined to delist the company's common stock, effective from the opening of business on 8th August 2005, an Impax release said.
The action has been taken because Impax has been unable to file its annual report with the Securities and Exchange Commission for the fiscal year ended 31st December 2004, and its quarterly report for the quarter ended 31st March 2005. Impax' failure to file these has violated Nasdaq's rules.
The delisting notification included provisions for relisting the company's stock if Impax is able to come up to date in its filings within 90 days and demonstrate compliance with the listing regulation.
The release said Impax was committed to regaining compliance with all filing requirements and obtain relisting as soon as possible. The company has submitted a request for advice to the Office of the Chief Accountant of the SEC, in the expectation that the Office's response will enable Impax to complete its financial statements and file the relevant reports with SEC. However, Impax is not able to predict the date when the reports will be filed.
Impax is headquartered in Hayward, California, and has a full range of capabilities in both its Hayward and Philadelphia facilities. Its 113,000 square feet facility in Philadelphia, Pennsylvania serves as r primary commercial center, housing accounting, sales and marketing, packaging, warehousing and distribution.
BY OUR PHARMA CORRESPONDENT |
