Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing.
On April 24, 2020, Tenax Therapeutics, Inc. (the "Company") received a
notification letter from Nasdaq's Listing Qualifications Department indicating
that the Company is not in compliance with Nasdaq Listing Rule 5550(a)(2)
because the minimum bid price of its common stock on the Nasdaq Capital Market
has closed below $1.00 per share for 30 consecutive business days. The
notification letter has no immediate effect on the Nasdaq listing or trading in
the Company's common stock.
Due to the market disruption caused by the ongoing COVID-19 pandemic, Nasdaq has
tolled the requirement for meeting the minimum bid price until June 30, 2020. As
such, the Company has 180 days from July 1, 2020, or until December 28, 2020, to
achieve compliance with the minimum bid price requirement. To regain compliance,
the closing bid price of the Company's common stock must meet or exceed $1.00
per share for at least ten consecutive business days before December 28, 2020.
On December 28, 2020, if the Company's market value of publicly held shares is
at least $1 million, the Company meets the other initial listing criteria for
The Nasdaq Capital Market (except for the minimum bid price requirement), and
the Company notifies Nasdaq of its intention to cure the deficiency, the Company
may be provided with an additional 180 calendar day compliance period to regain
compliance. If the Company is not eligible for an additional compliance period
at that time, Nasdaq will provide the Company with written notification that its
common stock will be subject to delisting. Upon such notice, the Company may
appeal Nasdaq's delisting determination to a Nasdaq hearing panel. There can be
no assurance that, if the Company appeals Nasdaq's determination, such appeal
would be successful.
The Company intends to actively monitor the bid price of its common stock and
will consider available options to regain compliance with the listing
requirements.
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