LARGO, Fla., Dec. 3, 2009 (GLOBE NEWSWIRE) -- GeoPharma, Inc. (Nasdaq:GORX) (the "Company") announced today it received a NASDAQ Staff Deficiency Letter on November 25th, 2009 indicating that the Company does not comply with the Minimum Stockholders' Equity requirement for continued listing set forth in NASDAQ Listing Rule 5550(b)(1).
The NASDAQ Listing Rules (the "Rules") require listed securities to maintain a minimum Stockholders' Equity of $2.5 million and, based upon the Company's Stockholders' Equity as of September 30, 2009 as filed in the Company's September 30, 2009 Form 10-Q, the Company did not meet that requirement.
In light of the deficiency, the Rules also provide the Company with 15 calendar days to submit a plan to regain compliance. If the Company's plan is accepted, NASDAQ can grant an extension of up to 105 calendar days from the date of this letter to evidence compliance.
The company understands the NASDAQ requirements and believes it will be able to re-enter compliance of the ruling within the allotted grace period.
ABOUT GEOPHARMA, INC.:
GeoPharma, Inc. is a rapidly growing Bio/Pharma company with a diversified business model participating in Pharmaceuticals, Contract Manufacturing, and Medical devices. The Pharma divisions specialize in the formulation of generic drugs for human and veterinary usage and the development of medical devices used by oncologists and other medical professionals. The Manufacturing division manufactures and packages generic drugs, nutraceuticals, cosmetics, and functional food products for companies worldwide.
For further information visit the GeoPharma website at www.geopharmainc.com .
The GeoPharma, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5384
FORWARD LOOKING STATEMENTS
This press release may contain statements, which constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including those regarding the company and its subsidiaries' expectations, intentions, strategies and beliefs pertaining to future performance. All statements contained herein are based upon information available to the company's management as of the date hereof, and actual results may vary based upon future events, both within and without management's control. Important factors that could cause such differences are described in the company's periodic filings with the Securities and Exchange Commission.