Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing.
On November 22, 2022, the Company received a letter (the "Nasdaq Staff
Deficiency Letter") from The Nasdaq Stock Market LLC ("Nasdaq") indicating that,
for the last thirty consecutive business days, the Market Value of Listed
Securities, as defined by Nasdaq ("MVLS") had been below the $35 million minimum
requirement for continued listing on The Nasdaq Capital Market under Nasdaq
Listing Rule 5550(b)(2).
In accordance with Nasdaq Listing Rule 5810(c)(3)(C), the Company has been
provided an initial period of 180 calendar days, or until May 22, 2023, to
regain compliance. The letter states that the Nasdaq staff will provide written
notification that the Company has achieved compliance with Rule 5550(b)(2) if at
any time before May 22, 2023, the Company's MVLS closes at $35 million or more
for a minimum of ten consecutive business days. The Nasdaq Staff Deficiency
Letter has no immediate effect on the listing or trading of the Company's common
stock.
If compliance in not achieved by May 22, 2023, the Company expects that Nasdaq
would provide written notification to the Company that its securities are
subject to delisting. The Company will continue to monitor its MVLS and consider
its available options to regain compliance with the Nasdaq minimum MVLS
requirements, which may include applying for an extension of the compliance
period or appealing to a Nasdaq Hearings Panel.
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