Nasdaq: EpiCept placement from December fails to comply with listing rules

By Sheri Kasprzak

New York, Jan. 18 - EpiCept Corp. received notice from Nasdaq Stock Market that the company's December private placement for $9.928 million failed to comply with its listing requirements.

The placement required shareholder authorization, according to the Nasdaq letter, because the company was selling a number of shares greater than the 20% allowed to be sold at a price below the greater of the company's book or market value.

If EpiCept does not comply with the notice, it risks being delisted from Nasdaq.

In the placement, the company sold 6.8 million shares at $1.46 each.

Also, the notice impacts EpiCept's $15 million standby equity distribution agreement with Cornell Capital Partners, LP. If EpiCept does not bring itself into compliance, the equity line will become null and void.

Tarrytown, N.Y.-based EpiCept develops treatments for pain and cancer.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.