Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
On
The Notice has no immediate effect on the listing or trading of the Company's Class A common stock on the Nasdaq Global Select Market, and the Company's Class A common stock will continue to trade under the symbol "CYXT."
In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has been
provided an initial period of 180 calendar days, or until
If the Company is not in compliance with the Bid Price Requirement by the Compliance Date, the Company may qualify for a second 180 calendar day compliance period if it applies to transfer the listing of CYXT to the Nasdaq Capital Market. To qualify, the Company would be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for the Nasdaq Capital Market, with the exception of the Bid Price Requirement. In addition, the Company would be required to provide written notice to Nasdaq of its intent to cure the minimum bid price deficiency during this second compliance period by effecting a reverse stock split if necessary.
If the Company does not qualify for or fails to regain compliance during the second compliance period, then the Staff will provide written notification to the Company that its Class A common stock will be subject to delisting. At that time, the Company may appeal the Staff's delisting determination to a Nasdaq hearings panel. However, there can be no assurance that, if the Company receives a delisting notice and appeals the delisting determination, such an appeal would be successful.
There can be no assurance that the Company will regain compliance with the Bid Price Requirement during the 180-day compliance period, secure a second period of 180 days to regain compliance or maintain compliance with the other Nasdaq listing requirements.
Cautionary Statement Concerning Forward-Looking Statements
This Current Report on Form 8-K contains "forward-looking statements" related to
future events. Forward-looking statements contain words such as "will," "may" or
"would." Forward-looking statements are based on management's current
expectations, beliefs, assumptions and estimates. These statements are subject
to significant risks, uncertainties and assumptions that are difficult to
predict and could cause actual results to differ materially and adversely from
those expressed or implied in the forward-looking statements, including risks
and uncertainties regarding: statements regarding compliance with Nasdaq listing
requirements; potentially transferring the listing to The Nasdaq Capital Market;
the potential appeal of any future delisting determination; and the potential
implementation of a reverse stock split. Forward-looking statements are also
subject to the risk factors and cautionary language described from time to time
in the reports the Company files with the
--------------------------------------------------------------------------------
© Edgar Online, source