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Skyline Medical gets Nasdaq extension to comply with listing requirement

Skyline Medical Inc. said Nasdaq granted its request for continued listing on the exchange pursuant to an extension through April 11, 2017.

The extension was granted so that the company can show compliance with the exchange's $2.5 million stockholders' equity requirement.

On April 13, the exchange notified the company that the closing bid price for its common stock was below $1.00 for 30 consecutive trading days. Skyline was provided 180 calendar days, or until Oct. 10, to regain compliance.

Skyline was notified about noncompliance with the stockholders' equity requirement on Aug. 18. The exchange decided to delist the company's stock and informed it on Oct. 11 that trading of its common stock would be suspended unless it requested a hearing. The company requested a hearing Oct. 18.

The company regained compliance with the minimum bid price requirement Nov. 11 after effecting a reverse stock split on Oct. 27. A registered direct equity offering on Nov. 25, raised net proceeds of $1.7 million and increased Skyline's stockholders' equity but did not satisfy the minimum stockholders' equity requirement.