Wednesday, November 12, 2014

Dendreon Notice of Delisting $DNDN

As previously announced, on November 10, 2014, Dendreon Corporation (the "Company") and its wholly owned subsidiaries, Dendreon Holdings, LLC, Dendreon Distribution, LLC and Dendreon Manufacturing, LLC filed voluntary petitions for relief (the "Chapter 11 Filings") under Chapter 11 of Title 11 of the United States Code (the "Bankruptcy Code") in the United States Bankruptcy Court for the District of Delaware (the "Bankruptcy Court").

On November 10, 2014, the Company received a Staff Delisting Determination letter from the Listing Qualifications Staff of The Nasdaq Stock Market LLC ("Nasdaq") indicating that, in accordance with Nasdaq Listing Rules 5101, 5110(b) and IM-5101-1 (the "Listing Rules"), the Staff has determined that the Company's securities will be delisted from Nasdaq unless the Company requests an appeal of such determination.

The Listing Rules allow Nasdaq to use its discretionary authority to suspend or terminate the listing of a company based on any event, condition or circumstance that exists or occurs that makes continued listing of the securities on Nasdaq unwarranted in the opinion of Nasdaq, even though the securities meet all enumerated criteria for continued listing on Nasdaq, including when a company has filed for protection under any provision of the federal bankruptcy laws. Nasdaq based its determination on the following factors: (i) the Chapter 11 Filings and associated public interest concerns raised by the Chapter 11 Filings; (ii) concerns regarding the residual equity interest of the existing listed securities holders; and (iii) concerns about the Company's ability to sustain compliance with all requirements for continued listing on Nasdaq.

The letter provides that, should the Company fail to request a hearing before the Nasdaq Hearings Panel by November 17, 2014, trading of the Company's securities will be suspended at the opening of business on November 19, 2014, and a Form 25-NSE will be filed with the Securities and Exchange Commission thereafter, which will remove the Company's securities from listing and registration on Nasdaq. The Company does not anticipate requesting such a hearing, and thus expects that the Company's securities will be delisted from Nasdaq.

The Company's securityholders are cautioned that trading in the Company's securities during the pendency of the Chapter 11 Filings will be highly speculative and will pose substantial risks. Trading prices for the Company's securities may bear little or no relationship to the actual recovery, if any, by holders thereof in the Company's Chapter 11 Filings. Accordingly, the Company urges extreme caution with respect to existing and future investments in its securities.

A plan of reorganization or liquidation will likely result in holders of the Company's capital stock receiving no distribution on account of their interests and cancellation of their existing stock. If certain requirements of the Bankruptcy Code are met, a Chapter 11 plan can be confirmed notwithstanding its rejection by the Company's equity securityholders and notwithstanding the fact that such equity securityholders do not receive or retain any property on account of their equity interests under the plan.

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