Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing.
On December 16, 2019, CounterPath Corporation (the "Company"), received a
letter from the listing qualifications department staff of the NASDAQ Stock
Market ("NASDAQ") notifying the Company that the stockholders' equity of
$1,922,675 as reported in the Company's Quarterly Report on Form 10-Q for the
period ended October 31, 2019 was below the minimum stockholders' equity of
$2,500,000. The minimum stockholders' equity of $2,500,000 is required for
continued listing on the NASDAQ Capital Market as set forth in NASDAQ listing
rule 5550(b)(1), and as of December 13, 2019, the Company does not meet the
alternatives of market value of listed securities or net income from continuing
operations.
The Company has been provided 45 calendar days, or until January 30, 2020, to
submit a plan to regain compliance with the minimum stockholders' equity
standard. If the Company's plan to regain compliance is accepted, NASDAQ may
grant an extension of up to 180 calendar days from the date of the notification
letter to evidence compliance with the minimum stockholders' equity standard.
The Company is considering its response to the letter. The Company intends to
separately issue a press release notifying the public of the deficiency letter
promptly after the filing of this Current Report on Form 8-K.
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