Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
The Company has 45 calendar days from the date of the Stockholders' Equity
Notice to submit to Nasdaq a plan to regain compliance. The Company is currently
evaluating whether to submit such a plan to Nasdaq. If the plan is submitted and
accepted, Nasdaq may grant an extension of up to 180 calendar days from the date
of the Stockholders' Equity Notice for the Company to provide evidence of
compliance. If the plan is not accepted or the Company is not granted an
extension, the Company will then consider actions appropriate to the
circumstances, which may include applicable appeals to a
The Company has 180 calendar days from the date of the Bid Price Notice to
regain compliance with the Minimum Bid Price Requirement. If at any time during
this 180 day period the closing bid price of the Company's common stock is at
least
If the Company does not regain compliance with the Minimum Bid Price Requirement within the initial 180 day compliance period, the Company may be eligible for an additional 180 calendar days to regain compliance if, on the last day of the initial compliance period, the Company meets the market value of publicly held shares requirement for continued listing as well as all other standards for initial listing of its common stock on the Nasdaq Capital Market (other than the Minimum Bid Price Requirement), and the Company notifies Nasdaq of its intention 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. If the Company does not indicate its intent to cure the deficiency, or if it does not appear to Nasdaq that it is possible for the Company to cure the deficiency, the Company will not be eligible for the second compliance period.
If the Company does not regain compliance with the Minimum Bid Price Requirement
within the applicable compliance period, the Company's common stock will be
subject to delisting. In addition, notwithstanding the foregoing, if during the
initial compliance period or any additional compliance period the Company's
common stock has a closing bid price of
The Company intends to monitor the closing bid price of its common stock and may, if appropriate, consider implementing available options to regain compliance with the Minimum Bid Price Requirement.
There can be no assurance that the Company will be able to regain compliance with either of Nasdaq's continued listing requirements.
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