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
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
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.
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