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OFFON

ONCONOVA THERAPEUTICS, INC.

(ONTX)
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ONCONOVA THERAPEUTICS, INC. : Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing (form 8-K)

10/09/2020 | 05:02pm EDT

Item 3.01. Notice of Delisting or Failure to Satisfy a Continuing Listing Rule or Standard; Transfer of Listing.

On October 6, 2020, Onconova Therapeutics, Inc. (the "Company") received a letter from The Nasdaq Capital Market ("Nasdaq") indicating that the Company has failed to comply with the minimum bid price requirement of Nasdaq Listing Rule 5550(a)(2). Nasdaq Listing Rule 5550(a) (2) requires that companies listed on Nasdaq maintain a minimum closing bid price of at least $1.00 per share.

Under Nasdaq Listing Rule 5810(c)(3)(A), the Company has a 180 calendar day grace period, or until April 5, 2021, to regain compliance by meeting the continued listing standard. The continued listing standard will be met if the Company's common stock has a minimum closing bid price of at least $1.00 per share for a minimum of ten consecutive business days during the 180 calendar day grace period.

If the Company is not in compliance by April 5, 2021, the Company may be afforded a second 180 calendar day period to regain compliance. To qualify, the Company would be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market, except for the minimum bid price requirement. In addition, the Company would be required to notify Nasdaq of its intention to cure the minimum bid price deficiency during the second compliance period, by effecting a reverse stock split, if necessary.

If the Company does not regain compliance within the allotted compliance period(s), including any extensions that may be granted by Nasdaq, Nasdaq will provide notice that the Company's common stock will be subject to delisting. At that time, the Company may appeal the Nasdaq Staff's determination to a Nasdaq Hearings Panel.

The Company intends to monitor the closing bid price of the Company's common stock and consider its available options to resolve the noncompliance with the minimum bid price requirement.

There can be no assurance that the Company will be able to regain compliance with the minimum bid price requirement or will otherwise be in compliance with other Nasdaq listing criteria.

© Edgar Online, source Glimpses

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Financials (USD)
Sales 2021 0,30 M - -
Net income 2021 -26,8 M - -
Net Debt 2021 - - -
P/E ratio 2021 -5,76x
Yield 2021 -
Capitalization 141 M 141 M -
Capi. / Sales 2021 469x
Capi. / Sales 2022 938x
Nbr of Employees 12
Free-Float 88,1%
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Technical analysis trends ONCONOVA THERAPEUTICS, INC.
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TrendsBearishNeutralNeutral
Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 3
Average target price 2,10 $
Last Close Price 0,59 $
Spread / Highest target 253%
Spread / Average Target 253%
Spread / Lowest Target 253%
EPS Revisions
Managers and Directors
NameTitle
Steven M. Fruchtman President, Chief Executive Officer & Director
Mark P. Guerin Chief Financial Officer
James J. Marino Chairman
Matthew Parris Vice President-Clinical Operations
Viren Mehta Independent Director
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