Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing.
On August 13, 2021, PolarityTE, Inc. (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 preceding 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
"Minimum 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 to regain compliance with the Minimum Bid
Price Requirement, which ends February 9, 2022 (the "Compliance Date"). 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 complies with the Bid Price Rule, unless the
Staff exercises its discretion to extend this 10-day period pursuant to Nasdaq
Listing Rule 5810(c)(3)(H).
The Notice also provides that, if the Company does not regain compliance with
the Minimum Bid Price Requirement by February 9, 2022, it may be eligible for
additional time to regain compliance. To qualify for additional time, the
Company will 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, with the exception of the Minimum Bid Price Requirement,
and provide written notice of its intention to cure the minimum bid price
deficiency during the second compliance period, by effecting a reverse split, if
necessary. If the Company meets these requirements, it will be granted an
additional compliance period of 180 calendar days to regain compliance with the
Minimum Bid Price Requirement. If the Nasdaq staff determines that the Company
will not be able to cure the deficiency, or if the Company is otherwise not
eligible for such additional compliance period, Nasdaq will provide notice that
the Company's Common Stock will be subject to delisting.
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