Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
As previously disclosed, on
On
The Company intends to timely request a hearing before the Panel, which request
will stay the suspension of the Company's common stock and the filing of the
Form 25-NSE pending the Panel's decision. At the hearing, the Company intends to
present its plan to regain compliance with the Minimum Bid Price Requirement.
This plan involves implementing a reverse stock split of the Company's common
stock at a reverse split ration of 1-for-10 (the "Reverse Stock Split"), as
disclosed in the Company's definitive proxy statement filed with the
This report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and any statements other than statements of historical fact could be deemed to be forward-looking statements. These forward-looking statements include, among other things, statements regarding the Company's ability to timely request a hearing before the Panel and present its plan to regain compliance with the Minimum Bid Price Requirement, to timely implement and cause to be effective the Reverse Stock Split, and to regain compliance with Nasdaq's requirements for continued listing, as well as related matters. These statements are subject to risks and uncertainties, including the failure of the Company to timely request a hearing before the Panel, the failure of the Company to timely implement and cause to be effective the Reverse Stock Split, the Company's plan to regain compliance with the Minimum Bid Price Requirement not being accepted and the failure of the Company to otherwise regain compliance with Nasdaq's requirements for continued listing, and actual results may differ materially from these statements. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this report. The Company undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date hereof.
© Edgar Online, source