Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing.
On December 30, 2022, Aquestive Therapeutics, Inc. (the "Company") received a
notice from The Nasdaq Stock Market ("Nasdaq") that the Company is not in
compliance with Nasdaq's Listing Rule 5450(a)(1), as the minimum bid price of
the Company's common stock has been below $1.00 per share for 30 consecutive
business days (the "Minimum Bid Price Requirement"). The notification of
noncompliance has no immediate effect on the listing or trading of the Company's
common stock on The Nasdaq Global Market.
The Company has 180 calendar days, or until June 28, 2023, to regain compliance
with the Minimum Bid Price Requirement. To regain compliance, the minimum bid
price of the Company's common stock must meet or exceed $1.00 per share for a
minimum of ten consecutive business days during this 180-calendar day grace
period. In the event the Company does not regain compliance with the Minimum Bid
Price Requirement by June 28, 2023, the Company may be eligible for an
additional 180-calendar day compliance period if it elects to transfer to The
Nasdaq Capital Market to take advantage of the additional compliance period
offered on that market. To qualify, the Company would be required to meet the
continued listing requirement for market value of publicly held shares and all
other initial listing standards for The Nasdaq Capital Market, with the
exception of the bid price requirement, and would need to provide written notice
of its intention to cure the bid price deficiency during the second compliance
period. If the Company does not regain compliance with the Minimum Bid Price
Requirement by the end of the compliance period (or the second compliance
period, if applicable), the Company's common stock will become subject to
delisting. In the event that the Company receives notice that its common stock
is being delisted, the Nasdaq listing rules permit the Company to appeal a
delisting determination by the Staff to a hearings panel.
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, including initiating a reverse stock split.
However, there can be no assurance that the Company will be able to regain
compliance with the Minimum Bid Price Requirement or will otherwise be in
compliance with other Nasdaq Listing Rules.
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