Irving-based Carrington intends to appeal NASDAQ de-listing

by PegNews wire

IRVING — Carrington Laboratories, Inc. (NASDAQ:CARN) the Irving-based provider of medical, nutraceutical, consumer and raw material products, today announced that it has received notice of a Nasdaq Staff Determination indicating that the company's plan to achieve and maintain compliance with the listing requirements of the Nasdaq was apparently not enough. Nasdaq stated that Carrington's common stock is subject to delisting from the Nasdaq Capital Market.

On May 23, 2007, Carrington received a letter from Nasdaq stating that the company did not comply with Marketplace Rule 4310(c)(3), which requires the company to have (i) a minimum of $2,500,000 in stockholders' equity; (ii) $35,000,000 market value of listed securities; or (iii) $500,000 of net income from continuing operations for the most recently completed fiscal year or two of the three most recently completed fiscal years.

Pursuant to applicable Nasdaq Marketplace Rules, if the company requests a hearing on the Nasdaq Staff's determination to a Nasdaq Listing Qualifications Panel by June 26, 2007, the delisting of the stock pending the Panel's review and determination will be stayed. Carrington has said that it intends to request such a hearing. Hearings generally are held 30 to 45 days after the request, although there is no assurance that the panel will grant the company's request for continued listing.

Carrington Laboratories, Inc. is an ISO 9001-certified, research-based, biopharmaceutical and consumer products company currently utilizing naturally-occurring complex carbohydrates to manufacture and market products for mucositis, radiation dermatitis, wound and oral care, as well as to manufacture and market the nutraceutical raw material Manapol(R) and cosmetic raw material Hydrapol(TM).

Source: Carrington Laboratories