Erytech announced that it received approval from Nasdaq to transfer the listing of its American Depositary Shares representing ordinary shares of the company from Nasdaq Global Select Market to Nasdaq Capital Market. The transfer became effective at the opening of business on April 14. The company’s ADSs continue to trade under the symbol (ERYP) and trading of its ADSs will be unaffected by this transfer. The Nasdaq Capital Market is a continuous trading market that operates in substantially the same manner as The Nasdaq Global Select Market. The approval was based upon the company meeting the applicable market value of publicly held shares requirement for continued listing and all other applicable requirements for initial listing on the Capital Market, except for the bid price requirement, the company’s written notice of its intention to cure the deficiency by effecting a reverse stock split, if necessary, its agreement to the conditions outlined in the Nasdaq listing agreement, and additional supporting information provided in its application. In connection with the transfer to the Nasdaq Capital Market, Nasdaq granted the company an additional 180-day period to regain compliance with the requirement set forth in Nasdaq Listing Rule 5450 that the bid price of the company’s ADSs meet or exceed $1.00 per ADS for at least ten consecutive business days. If at any time during this additional time period the closing bid price of the company’s security is at least $1 per share for a minimum of 10 consecutive business days, Nasdaq will provide written confirmation of compliance and this matter will be closed.
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