Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing
On December 2, 2021, AcelRx Pharmaceuticals, Inc. (the "Company") received
written notice (the "Notice") from the Nasdaq Stock Market, LLC ("Nasdaq")
notifying the Company that it is not in compliance with the minimum bid price
requirement set forth in Nasdaq Listing Rule 5450(a)(1) for continued listing on
The Nasdaq Global Market. Nasdaq Listing Rule 5450(a)(1) requires listed
securities to maintain a minimum bid price of $1.00 per share, and Listing Rule
5810(c)(3)(A) provides that a failure to meet the minimum bid price requirement
exists if the deficiency continues for a period of 30 consecutive business days.
The Notice does not impact the listing of the Company's common stock on The
Nasdaq Global Market at this time. In accordance with Nasdaq Listing Rule
5810(c)(3)(A), the Company has 180 calendar days to regain compliance with the
minimum bid price requirement. To regain compliance, the closing bid price of
the Company's common stock must be at least $1.00 per share for a minimum of ten
consecutive business days before May 31, 2022. In the event that the Company
does not regain compliance within this 180-day period, the Company may be
eligible to seek an additional compliance period of 180 calendar days if it
meets the continued listing requirement for market value of publicly held shares
and all other initial listing standards for The Nasdaq Capital Market, with the
exception of the minimum bid price requirement, and provides written notice to
Nasdaq of its intent to cure the deficiency during this second compliance period
by effecting a reverse stock split if necessary. However, if it appears to the
Nasdaq staff that the Company will not be able to cure the deficiency, or if the
Company is otherwise not eligible, Nasdaq will provide notice to the Company
that its common stock will be subject to delisting.
The Company intends to actively monitor the closing bid price of its common
stock and will evaluate available options to regain compliance with the minimum
bid price requirement.
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