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Genta to Appeal Delisting Notice

Jessica Perry//May 3, 2007

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Genta to Appeal Delisting Notice

Genta to Appeal Delisting Notice

Jessica Perry//May 3, 2007

Genta may be delisted because its common stock is trading for less than $1 on the Nasdaq exchange.Genta Inc. (Nasdaq: GNTA) may be delisted because its common stock is trading for less than $1, according to a staff determination letter from the Nasdaq exchange. The Berkeley Heights-based biopharmaceutical company, which focuses on cancer treatments, plans to file an appeal that would automatically freeze the delisting. The company will likely ask its shareholders to approve a reverse split of its common stock, says Genta CEO Raymond Warrell Jr. A reverse split reduces the number of outstanding shares and could boost the stock’s price over the Nasdaq minimum. Warrell says the proposal will be considered at Genta’s July 11 annual stockholders meeting. Genta shares closed yesterday at 34 cents apiece.

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