Washington | 91-1549568 | |
(State or other jurisdiction of | (IRS Employer | |
incorporation) | Identification No.) |
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
The Company previously recognized a non-cash goodwill impairment charge of $23.7 million during 2006 as a result of a decline in its share price during June 2006 that reduced its market capitalization to an amount less than the fair value of its net assets.
As a result of the current goodwill impairment charge, the Company's net worth has fallen below the $2.5 million in shareholders equity required for listing on the NASDAQ Capital Market. The Company expects that, as a result of its noncompliance with this requirement and its continued noncompliance with the $1.00 bid price requirement, the NASDAQ staff will notify the Company that its securities will be delisted. The Company may appeal the NASDAQ staff's determination to a listing qualifications panel, but there can be no assurance that the Company would be successful if it were to appeal.
Targeted Genetics Corporation | ||||||||
Date: March 20, 2009 | By: | /s/ DAVID J. POSTON | ||||||
David J. Poston | ||||||||
Vice President Finance and Chief Financial Officer | ||||||||