Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing

On May 18, 2023, the Company received a notice (the "Notice") from the Nasdaq Listing Qualifications staff of The Nasdaq Stock Market LLC ("Nasdaq") indicating that as a result of not having timely filed its Form 10-Q and remaining delinquent in filing its Form 10-K, the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1), which requires listed companies to timely file all required periodic financial reports with the Securities and Exchange Commission (the "Commission").

Pursuant to the Notice, Nasdaq informed the Company that it is required to submit a plan (the "Plan") to regain compliance with Nasdaq's continued listing requirements by June 20, 2023. If Nasdaq accepts the Company's Plan, Nasdaq may grant an exception of up to 180 calendar days from the due date of the Form 10-K, which is October 16, 2023, to regain compliance.

The Company will file the Form 10-K and Form 10-Q as soon as practicable and anticipates that the Form 10-K and Form 10-Q will be filed prior to the date on which the Company is required to submit the Plan; however, if the Form 10-K or Form 10-Q is not filed by such date, the Company will submit the Plan.

The Notice has no immediate impact on the listing of the Company's common stock, which will continue to be listed and traded on Nasdaq, subject to the Company's compliance with other continued listing requirements. The Company's receipt of the Notice does not affect the Company's business, operations or reporting requirements with the Commission.

The Company issued a press release on May 24, 2023 disclosing the Company's receipt of the Notice. A copy of the press release is attached as Exhibit 99.1 hereto.

Item 9.01. Financial Statements and Exhibits





(d) Exhibits.



Exhibit No.                Description
  99.1          Press Release dated May 24, 2023.




                                       1

© Edgar Online, source Glimpses