Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing.
On November 27, 2019, Conatus Pharmaceuticals Inc. (the "Company") received
approval from the Nasdaq Stock Market LLC ("Nasdaq") to transfer the listing of
the Company's common stock from the Nasdaq Global Market to the Nasdaq Capital
Market (the "Approval"). The Company's common stock will be transferred to the
Nasdaq Capital Market effective as of the open of business on November 29, 2019,
and will continue to trade under the symbol "CNAT." The Nasdaq Capital Market
operates in substantially the same manner as the Nasdaq Global Market and listed
companies must meet certain financial requirements and comply with Nasdaq's
corporate governance requirements.
As previously disclosed, on May 29, 2019, the Company received a letter from the
Nasdaq staff indicating that, for the last thirty consecutive business days, the
bid price for the Company's common stock had closed below the minimum $1.00 per
share requirement for continued listing on the Nasdaq Global Market under Nasdaq
Listing Rule 5450(a)(1). The Company had a period of 180 calendar days, or until
November 25, 2019, to regain compliance. On November 25, 2019, the Company filed
an application to transfer the listing of its common stock from the Nasdaq
Global Market to the Nasdaq Capital Market.
In connection with the Approval, the Company has been granted an additional
180-day grace period, until May 25, 2020, to regain compliance with the minimum
$1.00 per share requirement for continued listing on the Nasdaq Capital Market
under Nasdaq Listing Rule 5810(c)(3)(A). If compliance cannot be demonstrated by
May 25, 2020, or the Company does not comply with the terms of this extension,
the Nasdaq staff will provide written notification that the Company's securities
will be delisted. In the event of such a notification, the Company may appeal
the Nasdaq staff's determination to delist its securities, but there can be no
assurance the Nasdaq staff would grant the Company's request for continued
listing.
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