Business & Tech
Urologix Leaves Nasdaq
The Plymouth-based company couldn't meet bid price or equity requirements.
Plymouth-based Urologix Inc. has pulled its stock from the Nasdaq exchange because of its inability to meet listing requirements, the company announced Wednesday.
Urologix stock began trading on OTC Markets Group's OTCQB Marketplace on Friday.
The company—the 91st biggest public company in Minnesota, according to Twin Cities Business—was subject to Nasdaq delisting because it wasn’t in compliance with the minimum shareholders’ equity requirement of $2.5 million and didn’t command the required $1 minimum bid price.
Urologix stock was trading in the .35 to .40 range at press time Friday.
According to Twin Cities Business:
“Companies that are unable to meet Nasdaq’s requirements often transition to so-called “over-the-counter” marketplaces. The OTCQB marketplace features more than 3,100 securities for U.S. companies, which are subject to regulatory reporting requirements but don’t have financial requirements like Nasdaq.”
Urologix develops, manufactures, markets and distributes medical products that treat obstruction and symptoms arising from benign prostatic hyperplasia—an increase in the size of the prostate.
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