Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing.
As previously reported, on May 20, 2022, the Company received a deficiency
notification from The Nasdaq Stock Market LLC ("Nasdaq") indicating that the bid
price for the Company's common stock for the last 30 consecutive business days
had closed below the minimum $1.00 per share required for continued listing
under Nasdaq Listing Rule 5550(a)(2). The Company was granted a 180 calendar day
grace period, or until November 16, 2023, to regain compliance with the Rule.
Subsequently, on November 17, 2022, the Company was provided an additional 180
calendar day compliance period, or until May 15, 2023, to demonstrate compliance
with the minimum bid price requirement. The continued listing standard would be
met if the Company evidenced a closing bid price of at least $1.00 per share for
a minimum of 10 consecutive business days during the grace period.
On April 20, 2023, the Company was notified by the Listing Qualifications Staff
(the "Staff") of Nasdaq that the Company did not meet the minimum closing bid
price requirement of $1.00 for continued listing, as set forth in Nasdaq Listing
Rule 5550(a)(2), as the Staff has determined that as of April 19, 2023, the
Company's securities had a closing bid price of $0.10 or less for ten
consecutive trading days, from April 5 through April 19, 2023. As such, the
Staff has determined to delist the Company's common stock from the Nasdaq
Capital Market and to suspend trading of the common stock at the opening of
business on May 1, 2023, and file a Form 25-NSE with the Securities and Exchange
Commission, unless the Company timely requests a hearing on an appeal of this
determination by the Staff before the Nasdaq Hearings Panel,which will stay the
suspension of the Company's common stock pending the panel's decision. The
Company plans to timely submitting a hearing request to Nasdaq's Hearings
Department.
Forward-Looking Statements
Statements in this report that are not strictly historical in nature constitute
"forward-looking statements." Such statements include, but are not limited to,
the Company's successfully appealing the Staff's determination and its ability
to regain compliance with Nasdaq's continued listing standards. Such
forward-looking statements involve known and unknown risks, uncertainties and
other factors, which may cause actual results to be materially different from
any results expressed or implied by such forward-looking statements. Risk
factors that may cause actual results to differ are discussed in the Company's
SEC filings. All forward-looking statements are qualified in their entirety by
this cautionary statement. The Company is providing this information as of this
date and does not undertake any obligation to update any forward-looking
statements contained in this report as a result of new information, future
events or otherwise.
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