Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing.
On January 26, 2021, RiceBran Technologies (the "Company") received a notice
(the "Notice) from the Listing Qualifications Department (the "Staff") of The
Nasdaq Stock Market LLC ("Nasdaq") notifying the Company that it has been
granted an additional 180 calendar days, or until July 26, 2021, to regain
compliance with the minimum closing bid price of $1.00 per share (the "Minimum
Bid Price Requirement") as required by Nasdaq Listing Rule 5550(a)(2) for
continued listing on The Nasdaq Capital Market.
As previously reported by the Company in its Form 8-K filed on July 28, 2020
with the U.S. Securities and Exchange Commission, on July 27, 2020, the Company
received a notice from the Staff that the Company had not been in compliance
with the Minimum Bid Price Requirement for a period of 30 consecutive business
days.
In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company had a period
of 180 calendar days from the date of the notification, or until January 25,
2021 (the "Initial Compliance Date"), to regain compliance with the Minimum Bid
Requirement.
The Company did not regain compliance with the Minimum Bid Price Requirement by
the Initial Compliance Date. In accordance with Nasdaq Listing Rule
5810(c)(3)(A), the Company provided a written notice to Nasdaq of its intent to
cure the deficiency and has been afforded a second 180 calendar day period to
regain compliance with the Minimum Bid Price Requirement.
According to the Notice, if at any time before July 26, 2021, the closing bid
price of the Company's common stock is at least $1.00 per share for a minimum of
10 consecutive business days, the Staff will provide written notification that
the Company has achieved compliance with the Minimum Bid Price Requirement, and
the common stock will continue to be eligible for listing on The Nasdaq Capital
Market. If, however, compliance with the Minimum Bid Price Requirement cannot be
demonstrated by July 26, 2021, the Staff will provide written notification that
the Company's common stock will be subject to delisting. At that time, the
Company may appeal the Staff's delisting determination to a Nasdaq Hearing Panel
(the "Panel"). There can be no assurance that, if the Company does appeal the
Staff's delisting determinations to the Panel, such appeal would be successful.
The Company intends to monitor the closing bid price of its common stock and
may, if appropriate, consider implementing available options to regain
compliance with the Minimum Bid Price Requirement under the Nasdaq Listing
Rules, including, if necessary, affecting a reverse stock split. Management
remains vigilant with the Company's business strategy and is continuing steps to
increase liquidity.
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