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 Company has been
provided a period of 180 calendar days, or until
If the Company does not regain compliance with the Minimum Bid Price Requirement
by the applicable date, the Company may be eligible for an additional 180
calendar day compliance period. To qualify, the Company would need to transfer
the listing of its common stock to the Nasdaq Capital Market, provided that it
meets the continued listing requirement for market value of publicly held shares
and all other initial listing standards of the Nasdaq Capital Market, with the
exception of the Minimum Bid Price Requirement. To effect such a transfer, the
Company would also need to pay an application fee to Nasdaq and provide written
notice to the Staff of its intention to cure the deficiency during the second
compliance period by effecting a reverse stock split if necessary. As part of
its review process, the Staff will make a determination of whether it believes
the Company will be able to cure the deficiency. Should the Staff conclude that
the Company will not be able to cure the deficiency, the Staff will provide
written notification to the Company that its common stock will be subject to
delisting. At that time, the Company may appeal the Staff's delisting
determination to a
The Company intends to monitor the closing bid price of its common stock and may, if appropriate, consider available options to regain compliance with the Minimum Bid Price Requirement. However, there can be no assurance that the Company will be able to regain compliance with the Minimum Bid Price Requirement.
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