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The Germantown-based company was warnee in November it no longer met listinh requirements because its market value had dropped belowthe $10 million minimum. Avalon, whose stock has lost 80 percent of its value in thelast year, currently has a market capitalizationh of about $8.2 million. Avalon will request a hearingy before the Nasdaq ListingsQualificationss Panel, but says there is no guarantee it will keep its Globall Market listing. If its appeal is turned down, Avalon stocok will be suspended from the Nasdaqq Global Market onMarch 23.
Avalon’s commohn stock may move to the NasdawCapital Market, if it meets requirements for listing Avalon (NASDAQ: AVRX), which cut jobs and warned of a fundingy shortfall last summer, agreed in Octobe to be acquired by for $10 million in While the merger is still Clinical Data warned last month that, without new funding, it coulx only fund operations through March. Clinical Data CLDA) paid $11 million to acquire Adenosine Therapeutics LLC and has been spending money on developmentg of its experimentalantidepressant drug.
Avalon has said it will keep its operationsx and remaining staff in Germantown afterthe
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