Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing.
As previously disclosed, on October 12, 2022, the Company received notice from
the Listing Qualifications Staff (the "Staff") of The Nasdaq Stock Market LLC
("Nasdaq") that the bid price of its listed securities had closed at less than
$1 per share over the previous 30 consecutive business days, and, as a result,
did not comply with Nasdaq Listing Rule 5550(a)(2) (the "Rule"). Therefore, in
accordance with Listing Rule 5810(c)(3)(A), the Company was provided 180
calendar days, or until April 10, 2023, to regain compliance with the Rule.
On January 5, 2023, the Company received notice from the Staff that the Staff
had determined that as of January 4, 2023, the Company's securities had a
closing bid price of $0.10 or less for eleven consecutive trading days
triggering application of Listing Rule 5810(c)(3)(A)(iii) which states in part:
if during any compliance period specified in Rule 5810(c)(3)(A) a Company's
security has a closing bid price of $0.10 or less for ten consecutive trading
days, the Listing Qualifications Department shall issue a Staff Delisting
Determination under Rule 5810 with respect to that security. As a result, the
Staff determined to delist the Company's securities from Nasdaq, unless the
Company timely requests an appeal of the Staff's determination to a Hearings
Panel (the "Panel"), pursuant to the procedures set forth in the Nasdaq Listing
Rule 5800 Series.
The Company intends to timely request the hearing before the Panel which will
stay the delisting of the Company's securities pending the issuance of a
decision by the Panel and the expiration of any extension the Panel may grant to
the Company following the hearing. The Company has been informed that hearings
are typically scheduled to occur approximately 30-45 days after the date of the
hearing request. The request for a hearing must be received by the Nasdaq
Hearings Department no later than 4:00 p.m. Eastern Time on January 12, 2023.
There are no assurances however, that an extension will be granted or that a
favorable decision will be obtained from the Panel.
2
© Edgar Online, source Glimpses