LARGO, Fla., Sept. 18, 2009 (GLOBE NEWSWIRE) -- GeoPharma, Inc. (Nasdaq:GORX) (the "Company") announced today it received a Nasdaq Staff Deficiency Letter on September 15th, 2009 indicating that the Company does not comply with the Minimum Bid Price requirement for continued listing set forth in Nasdaq Listing Rule 5550(a)(2).
The NASDAQ Listing Rules (the "Rules") require listed securities to maintain a minimum bid price of $1.00 per share and, based upon the closing bid price for the last 30 consecutive business days, the Company no longer meets this requirement.
In light of the deficiency, the Rules also provide the Company with a grace period of 180 calendar days in which to regain compliance. If at any time during this grace period the bid price of the Company's security closes at or above $1.00 per share for a minimum of ten consecutive business days, the NASDAQ will provide the company with a written confirmation of compliance and this matter will be closed.
In the event the Company does not regain compliance with the Rule prior to the expiration of the grace period, the Company may be eligible for an additional grace period if it meets the initial listing standards, with the exception of bid price for The Nasdaq Capital Market. If the Company meets the initial listing criteria, the Company will be granted an additional 180 calendar day grace period for 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 .
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.