ITEM 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing.
As previously reported, Fuel Tech, Inc. (the "Company") was notified by the
NASDAQ Stock Market ("NASDAQ") on January 7, 2020, that the bid price for the
Company's Common Stock was not in compliance with the minimum bid price
requirement of NASDAQ Marketplace Rule 5450(a)(1) (the "Rule") for continued
listing. At that time, NASDAQ gave the Company 180 calendar days to regain
compliance. This was subsequently extended to September 18, 2020.
On September 22, 2020, NASDAQ notified the Company that it had approved the
Company's application to transfer its listing from NASDAQ's Global Select tier
to the Capital Market tier. This transfer will be effective at the opening of
business on Wednesday, September 23, 2020. NASDAQ also approved an additional
180 calendar day compliance period to regain compliance with the minimum bid
requirement. The Company has until March 17, 2021, to demonstrate compliance
with the minimum bid price requirement for continued listing. The Company will
regain compliance with the Rule if at any time before March 17, 2021, the bid
price for the Company's Common Stock closes at or above $1.00 per share for a
minimum of 10 consecutive business days.
The Company intends to monitor the closing bid price of its Common Stock and has
given written assurance to NASDAQ that it will, if necessary, implement
available options to regain compliance with the minimum bid price requirement
under the Rule, including a reverse stock split within the range previously
approved by stockholders.
On September 22, 2020, the Company issued a news release announcing the approval
of the transfer of its securities to the NASDAQ Capital Market and the
additional 180 calendar day grace period for compliance. The full text of this
press release is attached hereto as Exhibit 99.1 and incorporated herein by
reference.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
99.1 Press Release of Fuel Tech, Inc., dated September 22, 2020
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