DE
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13-3033811
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(State or other jurisdiction of
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(IRS Employer
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incorporation)
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Identification No.)
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[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
The notification of non-compliance has no immediate effect on the listing or trading of the Company's common stock on The NASDAQ Global Market. Under the NASDAQ Listing Rules, if during the 180 calendar days following the date of the notification (that is, prior to December 26, 2012) the closing bid price of the Company's common stock is at or above $1.00 per share for a minimum of 10 consecutive business days, the Company will regain compliance with the Minimum Bid Price Requirement and the matter will be closed.
If the Company does not regain compliance with the Minimum Bid Price Requirement by December 26, 2012, NASDAQ will provide written notification to the Company that its common stock is subject to delisting. The Company may receive an additional 180 day grace period (a total of 360 days from June 29, 2012) to regain compliance with the Minimum Bid Price Requirement provided that the Company is then in compliance with the initial listing standards for The NASDAQ Capital Market, other than the Minimum Bid Price Requirement. Alternatively, the Company may appeal NASDAQ's determination to a NASDAQ Hearing Panel at such time as it receives any notification that it has no further grace period.
The Company intends to continue to monitor the bid price for its common stock between now and December 26, 2012. If the Company's common stock does not trade at a level that is likely to regain compliance with the Minimum Bid Price Rule, the Company's Board of Directors will consider other options that may be available to achieve compliance.
Savient Pharmaceuticals, Inc.
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Date: July 06, 2012
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By:
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/s/ Philip K. Yachmetz
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Philip K. Yachmetz
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SVP & General Counsel
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