Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
On
In accordance with Nasdaq Listing Rule 5810(c)(3)(A) (the "Compliance Period
Rule"), the Company has been provided a period of 180 calendar days, or until
If the Company does not regain compliance with the Bid Price Requirement by the Compliance Date, the Company may be eligible to extend the compliance period for an additional 180 calendar days. To qualify, the Company would need to transfer the listing of the Common Stock to Nasdaq Capital Market, provided that it meets the continued listing requirement for the market value of publicly held shares and all other initial listing standards, with the exception of the Bid Price Requirement. To effect such a transfer, the Company would also need to pay an application fee to Nasdaq and will need to provide written notice to the Staff of its intention to cure the deficiency during the additional compliance period by effecting a reverse stock split, if necessary. As part of its review process, the Staff will make a determination of whether it believes the Company will be able to cure this deficiency.
Should the Staff conclude that the Company will not be able to cure the
deficiency, or should the Company determine not to submit an application for
transfer to the Nasdaq Capital Market or notify the Staff of its intention to
cure the deficiency, the Staff will provide written notification to the Company
that the Common Stock will be subject to delisting. At that time, the Company
may appeal the Staff's delisting determination to a
The Company intends to monitor the closing bid price of the Common Stock and may, if appropriate, consider available options to regain compliance with the Bid Price Requirement, which could include seeking to effect a reverse stock split. However, there can be no assurance that the Company will be able to regain compliance with the Bid Price Requirement.
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