Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On
The Company intends to timely request a hearing before the Panel, which request
will stay any suspension or delisting action by Nasdaq at least until the
hearing process concludes and any extension granted by the Panel expires. At the
hearing, the Company will present its plan to regain compliance with the
Rule and request an extension to do so. The Panel has the discretion to grant
the Company an extension of up to 180 days from the date of the Staff's delist
determination, or
As previously disclosed by the Company, on
Although the Company is taking definitive steps to evidence compliance with the applicable listing rules, there can be no assurance that the Panel will grant the Company's request for continued listing on Nasdaq or, if the Panel grants the request, that the Company will be able to evidence compliance prior to the expiration of any extension that may be granted by the Panel. This could impair the liquidity and market price of its common stock. In addition, the delisting of its common stock from a national exchange could have a material adverse effect on the Company's access to capital markets, and any limitation on market liquidity or reduction in the price of its common stock as a result of that delisting could adversely affect the Company's ability to raise capital on terms acceptable to the Company, or at all.
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