Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing.
On November 2, 2022, Catalyst Biosciences, Inc., a Delaware Corporation (the
"Company") received a letter (the "Notice") from the Listing Qualifications
Department of the Nasdaq Stock Market ("Nasdaq") informing the Company that
because the closing bid price for the Company's common stock listed on Nasdaq
was below $1.00 for 30 consecutive trading days, the Company is not in
compliance with the minimum bid price requirement for continued listing on the
Nasdaq Capital Market, as set forth in Nasdaq Marketplace Rule 5550(a)(2) (the
"Minimum Bid Price Requirement").
In accordance with Nasdaq Marketplace Rule 5810(c)(3)(A), the Company has a
period of 180 calendar days from November 2, 2022, or until May 1, 2023, to
regain compliance with the Minimum Bid Price Requirement. If at any time before
May 1, 2023, the closing bid price of the Company's common stock closes at or
above $1.00 per share for a minimum of 10 consecutive trading days, Nasdaq will
provide written notification that the Company has achieved compliance with the
Minimum Bid Price Requirement, and the matter would be resolved. If the Company
does not regain compliance during the compliance period ending on May 1, 2023,
then Nasdaq may grant the Company a second 180 calendar day grace period to
regain compliance, provided the Company (i) meets the continued listing
requirement for market value of publicly-held shares and all other initial
listing standards for the Nasdaq Capital Market, other than the Minimum Bid
Price Requirement, and (ii) the Company notifies Nasdaq of its intent to cure
the deficiency.
If the Company does not regain compliance within the allotted compliance period,
including any extensions that may be granted by Nasdaq, 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.
There can be no assurance that the Company will regain compliance with the
Minimum Bid Price Requirement during the 180 day compliance period, secure a
second period of 180 calendar days to regain compliance, or maintain compliance
with the other Nasdaq listing requirements.
--------------------------------------------------------------------------------
© Edgar Online, source Glimpses