La Jolla Pharmaceutical Announces Delisting from Nasdaq and Failure to Get
Stockholder Vote for Merger
SAN DIEGO -- March 03, 2010
La Jolla Pharmaceutical Company today announced that it received notification
from the Nasdaq Hearings Panel that the Panel has determined to deny the
Company’s request for continued listing on The Nasdaq Stock Market and that
trading of the Company's common stock will be suspended effective at the open
of business on Thursday, March 4, 2010. The Panel determined that the Company
is operating as a “public shell” because of the Company’s nominal assets,
other than cash, and the Company’s nominal operations.
The Company also announced that holders of only thirteen percent (13%) of La
Jolla’s outstanding common stock returned their proxy cards or otherwise
indicated their votes with respect to proposals related to its proposed merger
with Adamis Pharmaceuticals Corporation (OTCBB: ADMP), prior to the start of
the stockholders’ meeting. As a result, there was no quorum to conduct the
meeting. The meeting and the solicitation of further votes has been canceled
due to the delisting from Nasdaq.
The Company anticipates that its common stock will be quoted on the Pink OTC
Markets Inc. (the “Pink Sheets”) automatically and immediately after Nasdaq
suspends trading, provided that a market maker, who has quoted the Company’s
common stock in the 30 days prior to delisting, enters a quote on the Pink
Sheets prior to market close on March 4, 2010. The Company's common stock may,
in the future, also be quoted on the Over-the-Counter Bulletin Board
maintained by the Financial Industry Regulatory Authority (“FINRA”), provided
that a market maker in the common stock files the appropriate application
with, and such application is accepted by, FINRA. The Company anticipates
disclosing further trading venue information for its common stock once such
information becomes available. The trading symbol of the Company's common
stock will continue to be "LJPC".
A Form 25-NSE will be filed with the Securities and Exchange Commission to
remove the Company’s securities from listing and registration on Nasdaq.
La Jolla Pharmaceutical Company
Gail A. Sloan
Vice President of Finance and Secretary
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