Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On
The Notice has no immediate effect on the listing of the Common Stock. In
accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has 180 calendar
days to regain compliance with the Minimum Bid Requirement. To regain
compliance, the closing bid price of the Common Stock must be at least
If the Company does not achieve compliance with the Minimum Bid Requirement
during the initial 180 calendar day period, the Company may be eligible for an
additional 180 calendar day compliance period. To qualify, the Company would
need to meet the continued listing requirement for market value of publicly held
shares and all other listing standards, with the exception of the Minimum Bid
Requirement, and provide written notice to the Staff of its intention to cure
the deficiency during the second 180 calendar day compliance period, including
by effecting a reverse stock split, if necessary. However, if it appears to the
Staff that the Company will not be able to cure the deficiency, or if the
Company does not meet the other listing standards, the Staff could provide
notice that the Common Stock will become subject to delisting. In the event the
Company receives notice that the Common Stock is being delisted, the Nasdaq
rules permit the Company to appeal any such delisting determination by the Staff
to a
The Company intends to actively monitor the closing bid price of the Common Stock and is evaluating available options to regain compliance with the Minimum Bid Requirement, including by effecting a reverse stock split. There can be no assurance that the Company will be able to regain compliance with the Minimum Bid Requirement or that the Company will otherwise remain in compliance with the other listing standards for the Nasdaq listing requirements.
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