Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard;
Transfer of Listing.
On December 31, 2019, we received a letter from the Nasdaq Stock Market
("Nasdaq") stating that the closing bid price of our company's common stock was
below the minimum bid price of $1.00 per share required by Listing Rule
5550(a)(2) (the "Minimum Bid Price Requirement") for at least 30 consecutive
business days. In accordance with Listing Rule 5810(c)(3)(A), our company has a
compliance period of 180 days, or until June 29, 2020, to regain compliance with
the Minimum Bid Price Requirement. In order to regain compliance, our common
stock must maintain a consolidated bid price of $1.00 or greater for a minimum
of ten consecutive business days during the compliance period.
If compliance with the Minimum Bid Price Requirement cannot be demonstrated by
June 29, 2020, then our company may be eligible for a second 180-day period to
regain compliance. To be eligible, our company will be required to meet
continued listing requirement for market value of publicly held shares and all
other initial listing standards for The Nasdaq Capital Market (except the
Minimum Bid Price Requirement) and we will need to provide Nasdaq with written
notice of its intention to cure the deficiency during the second compliance
period, which may take the form of a reverse stock split. If we do not regain
compliance with the Minimum Bid Price Requirement prior to June 29, 2020 and are
not eligible for the second compliance period, or if it appears to the Nasdaq
staff that our company will not be able to regain compliance, then our common
stock will be subject to delisting. At such time, we may have an opportunity to
appeal Nasdaq's delisting determination.
The notice from Nasdaq has no immediate effect on the trading of our common
stock and our common stock is expected to remain listed on The Nasdaq during the
compliance period(s).
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