Item 3.01. Notice of Delisting or Failure to Satisfy Continued Listing Rule or
Standard; Transfer of Listing.
On May 3, 2023, Acer Therapeutics Inc. (the "Company") received a letter from
the listing qualifications department staff of The Nasdaq Stock Market
("Nasdaq") notifying the Company that for the last 30 consecutive business days,
the Company's minimum Market Value of Listed Securities ("MVLS") was below the
minimum of $35 million required for continued listing on the Nasdaq Capital
Market pursuant to Nasdaq listing rule 5550(b)(2).
The notice has no immediate effect on the listing of the Company's common stock,
and the Company's common stock continues to trade on the Nasdaq Capital Market
under the symbol "ACER."
In accordance with Nasdaq listing rule 5810(c)(3)(C), the Company has 180
calendar days, or until October 30, 2023, to regain compliance. The notice
states that to regain compliance, the Company's MVLS must close at $35 million
or more for a minimum of ten consecutive business days (or such longer period of
time as the Nasdaq staff may require in some circumstances, but generally not
more than 20 consecutive business days) during the compliance period ending
October 30, 2023. The Company believes that it can also regain compliance by
meeting the continued listing standard of a minimum stockholders' equity of at
least $2.5 million.
If the Company does not regain compliance by October 30, 2023, Nasdaq staff will
provide written notice to the Company that its securities are subject to
delisting. At that time, the Company may appeal any such delisting determination
to a Hearings Panel.
The Company intends to actively monitor the Company's MVLS between now and
October 30, 2023 and may, if appropriate, evaluate available options to resolve
the deficiency and regain compliance with the MVLS rule. While the Company is
exercising diligent efforts to maintain the listing of its common stock on
Nasdaq, there can be no assurance that the Company will be able to regain or
maintain compliance with Nasdaq listing standards.
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