Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing.
On December 31, 2021, Adamis Pharmaceuticals Corporation (the "Company")
received a notice from the Listing Qualifications Department of The Nasdaq Stock
Market ("Nasdaq") notifying the Company that for 30 consecutive business days,
the closing bid price of the Company's common stock was below $1.00 per share,
which is the minimum required closing bid price for continued listing on the
Nasdaq Capital Market pursuant to Marketplace Rule 5550(a)(2). This notice has
no immediate effect on the Company's Nasdaq listing or the trading of its common
stock.
In accordance with Nasdaq Marketplace Rule 5810(c)(3)(A), the Company has a
period of 180 calendar days from the date of notification, or until June 29,
2022, to regain compliance. If at any time before June 29, 2022, the bid price
of the Company's common stock closes at or above $1.00 per share for a minimum
of 10 consecutive business days, Nasdaq will provide written notification that
the Company has achieved compliance with the minimum bid price requirement, and
the matter would be resolved. The notice letter also disclosed that if the
Company does not regain compliance within the initial compliance period, it may
be eligible for an additional 180-day compliance period. To qualify for
additional time, the Company would be required to meet 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 bid
price requirement, and would need to provide written notice of a plan to cure
the deficiency during the second compliance period. If the Company meets these
requirements, Nasdaq will inform the Company that it has been granted an
additional 180 calendar days to regain compliance. However, if it appears to the
staff of Nasdaq that the Company will not be able to cure the deficiency, or if
the Company is otherwise not eligible, the staff would notify the Company that
it will not be granted additional 180 days for compliance and will be subject to
delisting at that time. In the event of such notification, the Company may
appeal the staff's determination to delist its securities, but there can be no
assurance that any such appeal would be successful. The Company intends to
monitor the closing bid price for its common stock and will consider available
strategies in an effort to satisfy the minimum bid price requirement. However,
there are no assurances that the Company will be able to regain compliance with
the minimum bid price requirements or will otherwise be in compliance with other
Nasdaq listing rules.
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