Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing.
On
Pursuant to NASDAQ Listing Rule 5810(c)(3)(A), the Company has been provided an
initial grace period of 180 calendar days, or until
In the event that the Company does not regain compliance with the Rule prior to
the expiration of the 180-day compliance period, the Company may be eligible for
additional time to regain compliance pursuant to Nasdaq Listing Rule
5810(c)(3)(A)(ii) by meeting the continued listing requirement for market value
of publicly held shares and all other applicable standards for initial listing
on The Nasdaq Capital Market, with the exception of the Minimum Bid Price
Requirement. In addition, the Company would need to provide written notice to
NASDAQ of its intention to cure the Minimum Bid Price Requirement deficiency
during the second compliance period by effecting a reverse stock split, if
necessary. As part of its review process, NASDAQ staff will make a determination
of whether it believes the Company will be able to cure this deficiency. If
NASDAQ staff concludes that the Company will not be able to cure the deficiency,
or should the Company determine not to make the required representation or the
Company is not otherwise eligible for additional time to gain compliance, at
that time NASDAQ staff will provide the Company a Staff Delisting Determination
informing the Company that the Company's shares of Common Stock will be subject
to immediate suspension and delisting unless the Company elects to appeal the
delisting determination to a
If the Company does not regain compliance within the allotted compliance
period(s), including any extensions that may be granted by NASDAQ, or if the
Common Stock has a closing bid price of
There can be no assurance that the Company will regain compliance with the Minimum Bid Price Requirement or maintain compliance with any of the other continued listing requirements to remain listed on The Nasdaq Capital Market.
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