Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
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In the event that the Company does not regain compliance with the Bid Price Rule or the MVPHS Rule (as applicable) prior to the expiration of the 180-day compliance period, the Company will receive written notification from Nasdaq that the Company's shares are subject to delisting. At that time, the Company may appeal the relevant delisting determination to a hearings panel pursuant to the procedures set forth in the applicable Nasdaq Listing Rules. However, there can be no assurance that, if the Company does appeal the delisting determination by Nasdaq to the panel, that such appeal would be successful.
If the Company does not regain compliance with the Bid Price Rule within the 180-day compliance period, it may be eligible for an additional 180 calendar day compliance period. To qualify, the Company would need to transfer the listing of its ordinary shares to the Nasdaq Capital Market, provided the Company then meets the continued listing requirement on the Nasdaq Capital Market for the market value of publicly held shares and all other initial listing standards of the Nasdaq Capital Market, with the exception of its bid price requirement. To effect such a transfer, the Company would need to submit an online transfer application, pay an application fee to Nasdaq and provide written notice to Nasdaq of its intention to cure the deficiency during the additional compliance period by effecting a reverse share split if necessary, subject to the conditions set forth in Nasdaq Listing Rule 5810.
If the Company does not regain compliance with the MVPHS Rule within the 180-day compliance period, it may transfer the listing of its ordinary shares to the Nasdaq Capital Market, provided the Company then meets the continued listing requirements on the Nasdaq Capital Market. To effect such a transfer, the Company would need to submit an online transfer application and pay an application fee to Nasdaq.
The Company intends to actively monitor the closing bid price of its listed ordinary shares and the market value of its publicly held ordinary shares and, as appropriate, will consider available options to resolve the deficiencies and regain compliance with the Bid Price Rule and the MVPHS Rule, including applying to transfer to the Nasdaq Capital Market and, in the case of the Bid Price Rule, potentially seeking to effect a reverse share split.
In addition, as previously disclosed, the Company received a letter from Nasdaq
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