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Egalet receives Nasdaq noncompliance notice

Egalet Corp. received a notice from the Nasdaq Stock Market for failing to meet the $1 minimum bid price listing requirement.

The Wayne, Pa.-based pharmaceutical company has 180 days or until Sept. 4, to regain compliance for continued listing on the Nasdaq Global Market.

To regain compliance, the closing bid price of the company's common stock must reach at least $1 per share for a minimum of 10 consecutive business days.

If the company fails to regain compliance during the grace period, it may opt to apply for listing on the Nasdaq Capital Market, or appeal the decision to a Nasdaq Hearings Panel.