Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On
On the same date, the Company received a second notification letter (the "MVPHS
Deficiency Notice") from Nasdaq notifying the Company that the minimum market
value of its publicly held shares has been below
The Bid Price Deficiency Notice and MVPHS Deficiency Notice received has no immediate effect on the listing of the Company's common stock on Nasdaq.
Pursuant to Nasdaq Listing Rule 5810(c)(3)(A) and Nasdaq Listing Rule
5810(c)(3)(C), the Company will be granted a 180 calendar day period to regain
compliance with the Minimum Bid Price Requirement and the MVPHS Requirement
(collectively, the "Price-based Requirements"). However, on
If the Company does not regain compliance with the Price-based Requirement by the end of the Compliance Period, then under Nasdaq Listing Rule 5810(c)(3)(A)(i) the Company may transfer to the Nasdaq Capital Market, provided that it meets the applicable 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 notifies Nasdaq of its intention to cure the deficiency during a second 180 calendar day compliance period that may be granted to the Company pursuant to Nasdaq Listing Rule 5810(c)(3)(A)(ii).
If the Company does not regain compliance with the Price-based Requirements by the end of the Compliance Period (or the second compliance period, if applicable), the Company's common stock will be subject to delisting.
The Company, by filing this Form 8-K, discloses its receipt of the Bid Price Deficiency Notice and the MVPHS Deficiency Notice from Nasdaq in accordance with Nasdaq Listing Rule 5810(b).
[signature page to follow]
© Edgar Online, source