Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing.
On
In accordance with Nasdaq Listing Rule 5810(c)(3)(A) (the "Compliance Period
Rule"), Rigel has been provided a period of 180 calendar days, or until
If Rigel does not regain compliance with the Bid Price Requirement by the Compliance Date, Rigel may be eligible for an additional 180 calendar day compliance period. To qualify, Rigel will be required to meet the continued listing requirement for market value of its publicly held shares and all other initial listing standards for the Nasdaq Capital Market, with the exception of the Bid Price Requirement, and will need to provide written notice of its intention to cure the deficiency during the second 180 calendar day compliance period, by effecting a reverse stock split, if necessary.
If Rigel does not regain compliance with the Bid Price Requirement by the
Compliance Date and is not eligible for an additional compliance period at that
time, or the Staff concludes that Rigel will not be able to cure the deficiency
during the additional compliance period, the Staff will provide written
notification to Rigel that its Common Stock will be subject to delisting. At
that time, Rigel may appeal the Staff's delisting determination to a
The notification received has no immediate effect on Rigel's Nasdaq listing. Rigel's Common Stock will continue to trade on Nasdaq under the symbol "RIGL" at this time.
Rigel intends to monitor the closing bid price of the Common Stock and may, if appropriate, consider available options to regain compliance with the Bid Price Requirement, which could include seeking to effect a reverse stock split. However, there can be no assurance that Rigel will be able to regain compliance with the Bid Price Requirement.
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