Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing
On December 4, 2020, InVivo Therapeutics Holdings Corp. (the "Company") received
a deficiency letter from the Listing Qualifications Department (the "Staff") of
the Nasdaq Stock Market ("Nasdaq") notifying the Company that, for the previous
30 consecutive business days, the bid price for the Company's common stock had
closed below the minimum $1.00 per share requirement for continued inclusion on
the Nasdaq Capital Market pursuant to Nasdaq Listing Rule 5550(a)(2) (the "Bid
Price Requirement").
In accordance with Nasdaq Listing Rule 5810(c)(3)(A) (the "Compliance Period
Rule"), the Company has been provided an initial period of 180 calendar days, or
until June 2, 2021 (the "Compliance Date"), to regain compliance with the Bid
Price Requirement. If, at any time before the Compliance Date, the bid price for
the Company's common stock closes at $1.00 or more for a minimum of 10
consecutive business days as required under the Compliance Period Rule, the
Staff will provide written notification to the Company that it has regained
compliance with the Bid Price Requirement, unless the Staff exercises its
discretion to extend this 10 day period pursuant to Nasdaq Listing Rule
5810(c)(3)(G). In addition, if, at any time before the Compliance Date, the bid
price for the Company's common stock closes at $0.10 or less for ten consecutive
trading days, the Staff willissue a Staff Delisting Determination under Nasdaq
Listing Rule 5810(c)(3)(A)(iii).
If the Company does not regain compliance by the end of the compliance period,
under Nasdaq Listing Rule 5810(c)(3)(A)(ii), if on the last day of the
compliance period the Company is in compliance with the 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
bid price requirement), the Company may be eligible for additional time if the
Company also provides written notice to Nasdaq of its intention to cure the
deficiency during a second compliance period, by effecting a reverse stock
split, if necessary, at which point Nasdaq may grant the Company an additional
180-day period to regain compliance with the Bid Price Requirement.
If the Company does not regain compliance with the Bid Price Requirement by the
Compliance Date and is not eligible for an additional compliance period at that
time, the Staff will provide written notification to the Company that its common
stock may be delisted. At that time, the Company may appeal the Staff's
delisting determination to the Nasdaq Listing Qualifications Panel (the
"Panel"). The Company expects that its common stock would remain listed pending
the Panel's decision. However, there can be no assurance that, if the Company
receives a delisting notice and appeals the delisting determination by the Staff
to the Panel, such appeal would be successful.
The Company intends to monitor the closing bid price of its common stock and
may, if appropriate, consider available options to regain compliance with the
Bid Price Requirement.
© Edgar Online, source Glimpses