Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing.
On February 22, 2023, GT Biopharma, Inc. (the "Company") received a deficiency
letter from the Nasdaq Listing Qualifications Department (the "Staff") of the
Nasdaq Stock Market LLC ("Nasdaq") notifying the Company that, for the last 30
consecutive business days, the closing bid price for the Company's common stock
has been below the minimum $1.00 per share required for continued listing on The
Nasdaq Capital Market pursuant to Nasdaq Listing Rule 5550(a)(2) ("Rule
5550(a)(2)"). The Nasdaq deficiency letter has no immediate effect on the
listing of the Company's common stock, and its common stock will continue to
trade on The Nasdaq Capital Market under the symbol "GTBP" at this time.
In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has been given
180 calendar days, or until August 21, 2023, to regain compliance with Rule
5550(a)(2). If at any time before August 21, 2023, the bid price of the
Company's common stock closes at $1.00 per share or more for a minimum of 10
consecutive business days, the Staff will provide written confirmation that the
Company has achieved compliance and the matter will be closed.
If the Company does not regain compliance with Rule 5550(a)(2) by August 21,
2023, the Company may be afforded a second 180 calendar day period to regain
compliance. To qualify, the Company would be required to meet the continued
listing requirement for market value of publicly held shares and all other
initial listing standards for The Nasdaq Capital Market, except for the minimum
bid price requirement. In addition, the Company would be required to provide
written notice to Nasdaq of its intent to cure the deficiency during the second
compliance period.
The Company intends to actively monitor the closing bid price for its common
stock and will consider available options to resolve the deficiency and regain
compliance with Rule 5550(a)(2).
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