Exhibit 99.2
| THE NASDAQ STOCK MARKET |
| LISTING QUALIFICATIONS DEPARTMENT |
9600 BLACKWELL ROAD |
ROCKVILLE. MD P0850 |
By Facsimile and First Class Mail
July 10, 2006
Mr. James V. Agnello
Senior Vice President and
Chief Financial Officer
Clarient, Inc.
31 Columbia
Aliso Viejo, CA 92656
Re: Clarient, Inc. (the “Company”)
Nasdaq Symbol: CLRT
Dear Mr. Agnello:
For the last 30 consecutive business days, the bid price of the Company’s common stock has closed below the minimum $1.00 per share requirement for continued inclusion under Marketplace Rule 4310(c)(4) (the “Rule”). Therefore, in accordance with Marketplace Rule 4310(c)(8)(D), the Company will be provided 180 calendar days, or until January 8, 2007, to regain compliance.(1) If, at anytime before January 8, 2007, the bid price of the Company’s common stock closes at $1.00 per share or more for a minimum of 10 consecutive business days, Staff will provide written notification that it complies with the Rule.(2)
If compliance with this Rule cannot be demonstrated by January 8, 2007, Staff will determine whether the Company meets The Nasdaq Capital Market initial listing criteria as set forth in Marketplace Rule 4310(c), except for the bid price requirement. If it meets the initial listing criteria, Staff will notify the Company that it has been granted an additional 180 calendar day compliance period. If the Company is not eligible for an additional compliance period, Staff will provide written notification that the Company’s securities will be delisted. At that time, the Company may appeal Staff’s determination to delist its securities to a Listing Qualifications Panel.
(1) The 180 day period relates exclusively to the bid price deficiency. The Company may be delisted during the 180 day period for failure to maintain compliance with any other listing requirement for which it is currently on notice or which occurs during this period.
(2) Marketplace Rule 4310(c)(8)(E) states that, “Nasdaq may, in its discretion, require an issuer to maintain a bid price of at least $1.00 per share for a period in excess of ten consecutive business days, but generally no more than 20 consecutive business days, before determining that the issuer has demonstrated an ability to maintain long-term compliance. In determining whether to monitor bid price beyond ten business days, Nasdaq shall consider the following four factors: (i) margin of compliance (the amount by which the price is above the $1.00 minimum standard); (ii) trading volume (a lack of trading volume may indicate a lack of bona fide market interest in the security at the posted bid price); (iii) the market maker montage (the number of market makers quoting at or above $1.00 and the size of their quotes); and, (iv) the trend of the stock price (is it up or down).”
If you have any questions, please do not hesitate to contact me at 301-978-8042.
Sincerely,
/s/ H. Jay Miller | |
H. Jay Miller |
Lead Analyst |
Nasdaq Listing Qualifications |
