Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing.
On October 13, 2020, Celsion Corporation ("we," "our," "us," "Celsion," or "the
Company") received notice from The Nasdaq Stock Market ("Nasdaq") that the
closing bid price for our common stock had been below $1.00 per share for the
previous 30 consecutive business days, and that we are therefore not in
compliance with the minimum bid price requirement for continued inclusion on The
Nasdaq Capital Market under Nasdaq Listing Rule 5550(a)(2) (the "Rule").
Nasdaq's notice has no immediate effect on the listing or trading of our common
stock on The Nasdaq Capital Market.
The notice indicates that we will have 180 calendar days, until April 12, 2021,
to regain compliance with this requirement. We can regain compliance with the
$1.00 minimum bid listing requirement if the closing bid price of our common
stock is at least $1.00 per share for a minimum of ten (10) consecutive business
days during the 180-day compliance period. If we do not regain compliance during
the initial compliance period, we may be eligible for additional time to regain
compliance. To qualify, we will be required to meet the continued listing
requirement for market value of our publicly held shares and all other Nasdaq
initial listing standards, except the bid price requirement, and will need to
provide written notice to Nasdaq of our intention to cure the deficiency during
the second compliance period. If we meet these requirements, we expect that
Nasdaq will grant us an additional 180 calendar days to regain compliance with
the minimum bid price requirement. If it appears to Nasdaq that we will not be
able to cure the deficiency, or if we are otherwise not eligible, we expect that
Nasdaq will notify us that our common stock will be subject to delisting. We
will have the right to appeal a determination to delist our common stock, and
our common stock would remain listed on The Nasdaq Capital Market until the
completion of the appeal process.
We intend to actively monitor the minimum bid price of our common stock and may,
as appropriate, consider available options to regain compliance with the Rule.
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