Item 3.01 Notice of Delisting or Failure to Satisfy a Continue Listing Rule or
Standard; Transfer of Listing
On November 17, 2022, Bone Biologics Corporation (the "Company") received a
written notice (the "Notice") from the NASDAQ Stock Market LLC ("Nasdaq") that
the Company has not been in compliance with the minimum bid price requirement
set forth in Nasdaq Listing Rule 5550(a)(2) for a period of 30 consecutive
business days. Nasdaq Listing Rule 5550(a)(2) requires listed securities to
maintain a minimum closing bid price of $1.00 per share, and Nasdaq Listing Rule
5810(c)(3)(A) provides that a failure to meet the minimum closing bid price
requirement exists if the deficiency continues for a period of 30 consecutive
business days. The Notice has no immediate effect on the listing of the
Company's common stock on the Nasdaq Capital Market.
In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company is provided a
compliance period of 180 calendar days from the date of the Notice, or until May
16, 2023, to regain compliance with the minimum closing bid price requirement.
If the Company does not regain compliance during the compliance period ending
May 16, 2023, the Company may be afforded a second 180 calendar day period to
regain compliance. To qualify for the second compliance period, the Company must
(i) 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 minimum closing bid price requirement, and (ii) notify
Nasdaq of its intent to cure the deficiency. The Company can achieve compliance
with the minimum closing bid price requirement if, during either compliance
period, the minimum closing bid price per share of the Company's common stock is
at least $1.00 for a minimum of 10 consecutive business days. The Company
anticipates that its shares of common stock will continue to be listed and
traded on the Nasdaq Capital Market during the compliance period(s).
The Company plans to carefully assess potential actions to regain compliance.
However, the Company may be unable to regain compliance with the minimum closing
bid price requirement during the compliance period(s), in which case the Company
anticipates Nasdaq would provide a notice to the Company that its shares of
common stock are subject to delisting, and the Company's common shares would
thereupon be delisted.
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