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NASDAQ gives Genaera until June to raise share price

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PLYMOUTH MEETING, Pa. — NASDAQ officials have given Genaera until June 22 to comply with the market's minimum bid price requirement of $1 per share, Genaera announced in a press release.

In order for Genaera to remain listed, its common stock must close at at least $1 per share for a minimum of 10 consecutive days. If the company cannot meet this deadline, NASDAQ will begin delisting procedures. Genaera would have the opportunity to appeal the market's decision, according to the release.

Genaera's stock closed at $0.36 on December 28.