Item 1.03. Bankruptcy or Receivership.
On
As a result of the commencement of the Chapter 7 Cases, a Chapter 7 trustee will
be appointed by the
Item 3.01. Notice of Delisting of Failure to Satisfy a Continued Listing Rule or Standard? Transfer of Listing.
On
· the Company's announcement of its intention to commence a proceeding under
Chapter 7 of the Code, as disclosed in the June Current Report;
· concerns regarding the residual equity interest of the existing listed
securities holders; and
· concerns about the Company's ability to sustain compliance with all
requirements for continued listing onThe Nasdaq Stock Market , in light of the Company's current non-compliance with Nasdaq Listing Rule 5250(c)(1) (the "Rule 5250(c)(1) Noncompliance") as a result of its delinquent Annual Report on Form 10-K for the fiscal year endedDecember 31, 2021 and Quarterly Report on Form 10-Q for the three-month period endedMarch 31, 2022 , as well as the Company's current non-compliance with Nasdaq Listing Rule 5550(a)(2) (the "Rule 5550(a)(2) Noncompliance"), which sets forth the minimum bid price requirement for continued listing on the Nasdaq Global Select Market.
Prior correspondence with the Staff regarding the Rule 5250(c)(1) Noncompliance
is discussed further in Current Reports on Form 8-K filed on
The Company does not intend to appeal the Staff's determination, given the
commencement of the Chapter 7 Cases. Therefore, the Company anticipates that
trading in the Company's common stock and warrants will be suspended at the
opening of business on
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