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The notification, received May 21, indicated that Ore’s stockholders’ as reported in the Gaithersburgf company’s quarterly report for the periodx endingMarch 31, was belo the $10 million minimum for inclusion on the Nasdawq Global Market. Earlier this month, Ore reported a $3.1 million loss and no revenue for thefirst quarter, compared with a $6.9 millioh loss and $750,000 in revenue during the same quarter last The company had $7.1 million in cash and equivalents at the end of Ore (NASDAQ: ORXE) has untipl June 5 to submit a plan for meeting the Nasdaq equity requirement. “The company plans to submit such a Ore saidin Wednesday’s announcement.
If the Nasdaqq accepts Ore’s plan, the company could be granted up to 105 days to show it is in compliance withthe stockholders’equity requirement. Failurwe to meet that requirement could mean a delistin g from the NasdaqGlobal Market, although Ore would be able to seek a listintg on the Nasdaq Capital Market. Ore is trying to find at leas $10 million in financing or a partner to support clinical trials of a compound to treat inflammatorybowelp disease.
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