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Brentwood, Tenn. -- The NASDAQ stock market threatened to delist Pet DRx Corp., a chain of 23 veterinary hospitals in California, because the price per share of its common stock dropped below $1.
-- NASDAQ threatened to delist Pet DRx Corp., a chain of 23 veterinary hospitals in California, because the price of a share of its common stock dropped below $1.
NASDAQ notified Pet DRx of the possible delisting in September 2009, but the company has been unable to turn around the devalued stock.
Pet DRx chairman and CEO Gene Burleson is requesting a hearing before the NASDAQ Listing Qualifications Panel, a move which will block the delisting until the panel has made a decision.
In a press release, Burleson says there’s no guarantee that NASDAQ will stop the delisting, but he is optimistic. His plan to the panel will include a reverse stock split previously approved by the company’s stockholders in July 2009. A reverse stock split decreases the number of shares as a way of boosting the price of individual shares.