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 of the Common Stock. In
accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has 180 calendar
days to regain compliance with the Minimum Bid Requirement. To regain
compliance, the closing bid price of the Common Stock must be at least
If the Company does not regain compliance with the Minimum Bid Requirement
during the initial 180 calendar day period, the Company may be eligible for an
additional 180 calendar day compliance period. To qualify, the Company would
need to transfer the listing of the Common Stock to the Nasdaq Capital Market,
provided that it meets the continued listing requirement for market value of
publicly held shares and all other initial listing standards of the Nasdaq
Capital Market, with the exception of the Minimum Bid Requirement. To effect
such a transfer, the Company would also need to pay an application fee to Nasdaq
and provide written notice to the Staff of its intention to cure the deficiency
during the second compliance period. However, if it appears to the Staff that
the Company will not be able to cure the deficiency, or if the Company does not
meet the other listing standards, the Staff could provide notice that the Common
Stock will become subject to delisting. In the event the Company receives notice
that its Common Stock is being delisted, Nasdaq rules permit the Company to
appeal any delisting determination by the Staff to a
The Company intends to actively monitor the closing bid price of the Common Stock and will evaluate available options to regain compliance with the Minimum Bid Requirement.
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