Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing.
On December 1, 2022, Minerva Neurosciences, Inc. (the "Company") received notice
from The Nasdaq Stock Market LLC ("Nasdaq") notifying the Company that for the
last 30 consecutive business days, the Company's minimum Market Value of Listed
Securities ("MVLS") was below the minimum of $35 million required for continued
listing on The Nasdaq Capital Market pursuant to Nasdaq Listing Rule 5550(b)(2).
In accordance with Nasdaq Listing Rule 5810(c)(3)(C), the Company has been
provided an initial period of 180 calendar days, or until May 30, 2023, to
regain compliance. The letter states that the Nasdaq staff will provide written
notification that the Company has achieved compliance with
Rule 5550(b)(2) if at any time before May 30, 2023, the Company's MVLS closes at
$35 million or more for a minimum of ten consecutive business days. The notice
has no immediate effect on the listing of the Company's common stock, and the
Company's common stock continues to trade on The Nasdaq Capital Market under the
symbol "NERV."
If compliance in not achieved by May 30, 2023, the Company expects that Nasdaq
would provide written notification to the Company that its securities are
subject to delisting. The Company will continue to monitor its MVLS and consider
its available options to regain compliance with the Nasdaq minimum MVLS
requirements, which may include applying for an extension of the compliance
period or appealing to a Nasdaq Hearings Panel.
There can be no assurance that the Company will be able to regain compliance
with the Nasdaq minimum MVLS requirements or otherwise maintain compliance with
the other Nasdaq listing requirements.
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