If the company is relying on the designation for it's product value then this would be a significant event that could have a dramatic negative effect on the share price. It would be like a pharma company relying on a new drug for future sales that does not get FDA approval. If the basis of the current share price depends almost soley on the deisgnation and it is rejected well then they will have to do some significant 'spinning' to keep the share price from falling.