Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing.
On January 31, 2020, VistaGen Therapeutics, Inc. (the "Company") received a
letter from the Listing Qualifications Staff of The Nasdaq Stock Market, LLC
("Nasdaq") indicating that, based upon the closing bid price of the Company's
common stock, par value $0.001 per share ("Common Stock"), for the last 30
consecutive business days, the Company is not currently in compliance with the
requirement to maintain a minimum bid price of $1.00 per share for continued
listing on the Nasdaq Capital Market, as set forth in Nasdaq Listing Rule
5550(a)(2) (the "Notice").
The Notice has no immediate effect on the continued listing status of the
Company's Common Stock on the Nasdaq Capital Market, and, therefore, the
Company's listing remains fully effective.
The Company is provided a compliance period of 180 calendar days from the date
of the Notice, or until July 29, 2020, to regain compliance with the minimum
closing bid requirement, pursuant to Nasdaq Listing Rule 5810(c)(3)(A). If at
any time before July 29, 2020, the closing bid price of the Company's Common
Stock closes at or above $1.00 per share for 10 consecutive business days,
Nasdaq will provide written notification that the Company has achieved
compliance with the minimum bid price requirement, and the matter would be
resolved. If the Company does not regain compliance during the compliance period
ending July 29, 2020, then Nasdaq may grant the Company a second 180 calendar
day period to regain compliance, provided the Company (i) meets the continued
listing requirement for market value of publicly-held shares and all other
initial listing standards for the Nasdaq Capital Market, other than the
minimum closing bid price requirement and (ii) notifies Nasdaq of its intent to
cure the deficiency.
The Company will continue to monitor the closing bid price of its Common Stock
and seek to regain compliance with all applicable Nasdaq requirements within the
allotted compliance periods. If the Company does not regain compliance within
the allotted compliance periods, including any extensions that may be granted by
Nasdaq, Nasdaq will provide notice that the Company's Common Stock will be
subject to delisting. The Company would then be entitled to appeal that
determination to a Nasdaq hearings panel. There can be no assurance that the
Company will regain compliance with the minimum bid price requirement during the
180-day compliance period, secure a second period of 180 days to regain
compliance or maintain compliance with the other Nasdaq listing requirements.
Item 8.01. Other Events.
On January 30, 2019, the Company announced that its Investigational New Drug
application for AV-101, the Company's oral NMDAR (N-methyl-D-aspartate receptor)
glycine site antagonist, as a potential treatment of dyskinesia in patients with
Parkinson's disease receiving levodopa-based therapy has been cleared by the
U.S. Food and Drug Administration. The Company also announced that it has
received a notice of allowance from the U.S. Patent and Trademark Office for a
new AV-101 U.S. Patent for treatment of dyskinesia induced by the administration
of levodopa. A copy of the press release is attached to this Current Report on
Form 8-K as Exhibit 99.1.
Item 9.01. Exhibits.
(d) Exhibits
Exhibit Number Description
99.1 Press Release issued by VistaGen Therapeutics, Inc., dated
January 30, 2019.
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
VistaGen Therapeutics, Inc.
Date: January 31, 2020 By: /s/ Shawn K. Singh
Shawn K. Singh
Chief Executive Officer
© Edgar Online, source Glimpses