Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing.
On October 26, 2022, 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 last 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 April 24, 2023 (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 April 24, 2023, it may be eligible for
additional time to regain compliance. To qualify for additional time, the
Company is 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 effectuating 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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