Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing.
On January 10, 2020, iBio, Inc., a Delaware corporation (the "Company") received
notice from NYSE American LLC (the"Exchange") that NYSE Regulation has accepted
the Company's November 15, 2019 plan to regain compliance with the Exchange's
continued listing standards set forth in Sections 1003(a)(i), 1003(a)(ii) and
1003(a)(iii) of the NYSE American Company Guide (the "Company Guide") and has
granted a plan period through December 9, 2020, subject to periodic review by
the Exchange, including quarterly monitoring, for compliance with the
initiatives outlined in the plan. If the Company is not in compliance with the
continued listing standards by December 9, 2020, or if the Company does not make
progress consistent with the plan during the plan period, the NYSE Regulation
staff will initiate delisting proceedings as appropriate.
The Exchange previously notified the Company by letter dated October 16, 2019,
that the Company is not in compliance with Section 1003(a)(ii) of the NYSE
American Company Guide, which applies if a listed company has stockholders'
equity of less than $4,000,000 and has reported losses from continuing
operations and/or net losses in three of its four most recent fiscal years, and
Section 1003(a)(iii) of the NYSE American Company Guide, which applies if a
listed company has stockholders' equity of less than $6,000,000 and has reported
losses from continuing operations and/or net losses in its five most recent
fiscal years, as reported in the Company's Current Report on Form 8-K filed with
the Securities and Exchange Commission on October 22, 2019. On December 9, 2019,
the Company received a further notice from NYSE American (the "Exchange") that
the Company currently is below the Exchange's continued listing standards set
forth in Section 1003(a)(i) of the NYSE American Company Guide, which applies if
a listed company has stockholders' equity of less than $2,000,000 and has
reported losses from continuing operations and/or net losses in two of its three
most recent fiscal years, as reported in the Company's Current Report on Form
8-K filed with the Securities and Exchange Commission on December 13, 2019.
The December 9, 2019 notification from the Exchange also stated that the
Exchange has determined that the Company's securities have been selling for a
low price per share for a substantial period of time and pursuant to Section
1003(f)(v) of the NYSE American Company Guide, the Company's continued listing
on the Exchange is predicated on the Company effecting a reverse stock split or
otherwise demonstrating sustained improvement in its share price within a
reasonable period of time, which the Exchange has determined to be no later than
June 9, 2020.
The notice from the Exchange that the Company's plan of compliance has been
accepted has no immediate impact on the listing of the Company's common stock on
the Exchange. The listing of the Company's common stock on the Exchange is being
continued pursuant to an extension during the plan period.
The Company issued a press release on January 16, 2020, announcing that it had
received the notice of acceptance of the Company's plan. A copy of the press
release is attached to this Current Report on Form 8-K as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits.
Exhibit No. Description
99.1 Press Release, dated January 16, 2020 issued by iBio, Inc.*
*Filed herewith.
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