Item 3.01Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On
The notification received has no immediate effect on the Company's Nasdaq
listing. In accordance with Nasdaq rules, the Company has been provided an
initial period of 180 calendar days, or until
If the Company does not regain compliance with the Bid Price Requirement by the Compliance Date, the Company may be eligible for an additional 180 calendar day compliance period. To qualify, the Company will 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 will need to provide written notice of its intention to cure the deficiency during the second 180 calendar day compliance period, by effecting a reverse stock split, if necessary.
If the Company does not regain compliance with the Bid Price Requirement by the
Compliance Date and is not eligible for an additional compliance period at that
time, the Staff will provide written notification to the Company that its common
stock will be subject to delisting. At that time, the Company may appeal the
Staff's delisting determination to a
The Company intends to monitor the closing bid price of its common stock and may, if appropriate, consider available options to regain compliance with the Bid Price Requirement.
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