XTL Biopharmaceuticals Announces Receipt of NASDAQ Notice of Delisting
January 28 2009 - 3:11AM
PR Newswire (US)
VALLEY COTTAGE, N.Y., Jan. 28 /PRNewswire-FirstCall/ -- XTL
Biopharmaceuticals Ltd. (NASDAQ:XTLBNASDAQ:TASE:NASDAQ:XTL) today
announced that on January 27, 2009 it received a Staff
Determination Letter (the "Letter") from The Nasdaq Stock Market
("Nasdaq") notifying the Company that the staff of Nasdaq's Listing
Qualifications Department determined, using its discretionary
authority under Nasdaq Marketplace Rule 4300, that the Company's
American Depository Shares ("ADRs") would be delisted from Nasdaq.
The Letter further stated that Nasdaq would suspend trading in the
Company's ADRs at the opening of trading on February 5, 2009 and
then file a Form 25-NSE with the Securities and Exchange Commission
("SEC") to deregister the Company's ADRs, unless the Company
appeals Nasdaq's delisting determination. Nasdaq's determination to
delist the ADRs was based on Nasdaq's belief that the Company was a
public shell and that the Company does not meet the stockholder's
equity requirement or any of its alternatives. The Letter also
indicated that, in accordance with the procedures set out in
Marketplace Rule 4800 Series, the Company would have seven (7)
calendar days, or until February 3, 2009, to appeal the delisting
from Nasdaq to a Listing Qualifications Panel. At this time, the
Company does plan to appeal the delisting from Nasdaq. There can be
no assurance that the appeal will be successful. DATASOURCE: XTL
Biopharmaceuticals Ltd. CONTACT: Ron Bentsur, Chief Executive
Officer of XTL Biopharmaceuticals Ltd., +1-845-267-0707 ext. 224
Web Site: http://www.xtlbio.com/
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