Cereplast Inc. said Friday that it received approval to list its common stock on the Nasdaq Capital Market as soon as next week.

The El Segundo developer of bio-plastics had been listing its shares on the Over-the-Counter Bulletin Board. Its Nasdaq ticker symbol will be “CERP.”

“The listing on Nasdaq is an important step as we move from the developmental stages of an early growth company to a market leader,” said Chief Executive Frederic Scheer in a press release. “This notification comes on the heels of the opening of our new state-of-the-art production and research facility and helps mark the beginning of a new era for Cereplast.”

The company, which is part of a small but growing $1 billion bio-plastics niche, recently implemented a one-for-40 reverse stock split to position it for entry to either the Nasdaq or the New York Alternet. In January, shares had been trading as low as 10 cents a share largely because of the large number of shares outstanding.

Shares were down 11 cents, or 2 percent, to $4.90 in midday OTC trading.