Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing.
On April 27, 2023, Athenex, Inc. (the "Company") received a letter from the
Listing Qualifications Staff of The Nasdaq Stock Market LLC ("Nasdaq")
indicating that, based upon the closing bid price of the Company's common stock
for the last 30 consecutive business days and its number of publicly held
shares, the Company no longer meets Nasdaq Listing Rule 5450(b)(3)(C), which
requires listed companies to maintain a minimum market value of publicly held
shares of at least $15 million.
Nasdaq Listing Rule 5810(c)(3)(D) provides a compliance period of 180 calendar
days, or until October 24, 2023, in which to regain compliance with this
requirement. If the Company's market value of publicly held shares is
$15 million or more for a minimum of 10 consecutive business days during the
180-day compliance period, Nasdaq will provide written notice of compliance to
the Company. If the Company fails to regain compliance with the Nasdaq continued
listing standards, Nasdaq will provide notice that the Company's common stock
will be subject to delisting. The Company would then be entitled to appeal that
determination to a Nasdaq hearings panel.
The notification has no immediate effect on the listing of the Company's common
stock on Nasdaq's Global Select Market. The Company intends to monitor the
closing bid price of its common stock and its number of publicly held shares and
consider its available options in the event the market value of its publicly
held shares remains below $15 million.
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