TearLab to request NASDAQ hearing over listing

TearLab (NASDAQ:TEAR; TSX:TLB) has received a letter from the Nasdaq listing qualifications staff, indicating that the company failed to regain compliance with the $1 minimum bid price requirement for continued listing on The Nasdaq Capital Market.

The company intends to request a hearing before the Nasdaq Hearings Panel, at which it will present its plan to demonstrate compliance with the bid price requirement and request an extension of time within which to do so.

TearLab’s request for a hearing will stay any action by the staff about its listing on NASDAQ pending the issuance of the panel’s decision and expiration of any extension granted by the panel.