Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing.
On
Pursuant to Nasdaq Listing Rule 5810(c)(3)(A) (the "Compliance Period Rule"),
the Company has been provided an initial 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 for an additional 180 calendar day compliance period. To qualify, the Company would need to meet the continued listing requirement for the market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market, with the exception of the Bid Price Requirement, and would need to provide written notice of its intention to cure the deficiency during the second compliance period, by effecting a reverse stock split, if necessary.
If the Staff concludes that the Company will not be able to cure the deficiency,
or if the Company does not regain compliance with the Bid Price Requirement
within such additional 180 calendar day compliance period, the Staff will
provide written notification to the Company that the Company's 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 its Common Stock and may, if appropriate, consider available options to regain compliance with the Bid Price Requirement. However, there can be no assurance that the Company will be able to regain compliance with the Bid Price Requirement or that the Staff will grant the Company a further extension of time to regain compliance, if applicable.
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