Avalon to appeal Nasdaq delisting - Washington Business Journal:

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The Germantown-based company was warned in Novembeer it no longer met listing requirements because its markety value had dropped belowthe $10 million minimum. whose stock has lost 80 percentt of its value in thelast year, currently has a marke t capitalization of about $8.2 million. Avalo will request a hearing before the Nasdaw ListingsQualifications Panel, but says there is no guarantee it will keep its Global Market listing. If its appeal is turned down, Avalon stoc will be suspended from the Nasdaq Global Market onMarcg 23. Avalon’s common stock may move to the NasdawqCapital Market, if it meets requirements for listing there.
Avalomn (NASDAQ: AVRX), which cut jobs and warned of a fundingf shortfalllast summer, agreed in October to be acquire d by for $10 million in stock. Whiles the merger is still pending, Clinical Data warned last month withoutnew funding, it could only fund operationse through March. Clinical Data (NASDAQ: CLDA) paid $11 millionh to acquire Adenosine Therapeutics LLC and has been spendinh money on development of its experimentalantidepressant drug. Avalon has said it will keep its operationds and remaining staff in Germantownm afterthe merger.