Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing.
As previously disclosed, (i) on May 24, 2022, Nasdaq Listing Qualifications
staff ("Nasdaq Staff") notified the Company that it no longer complied with the
minimum bid price requirement under Listing Rule 5550(a)(2), (ii) on November
22, 2022, Nasdaq Staff notified the Company that it had determined to delist the
Company as it did not comply with bid price requirement for listing on The
Nasdaq Stock Market ("Nasdaq"), and (iii) on November 24, 2022, the Company
requested a hearing, which was held on January 5, 2023. Also as previously
disclosed, in order to comply with the Nasdaq minimum bid price requirement, the
Company effected a 2 for 1 reverse stock split, effective January 4, 2023.
On January 20, 2023, the Company received a letter from Nasdaq Hearings Panel's
(the "Panel") confirming that the Company has regained compliance with the bid
price requirement in Nasdaq Listing Rule 5550(a)(2) and meets all other
applicable continued listing requirements to remain listed in Nasdaq. The Panel
has also determined to impose a Panel Monitor on the Company until October 20,
2023. If at any time before the end of the monitor period, Nasdaq Staff or the
Panel determines that the Company has failed to meet the minimum bid price
requirement (that is, the Company has had a closing bid price under $1.00 for a
period of 30 consecutive trading days), or any other requirement for continued
listing on Nasdaq, Nasdaq Staff will issue a Delist Determination and the
Hearings Department of Nasdaq will promptly schedule a new hearing, with the
initial Hearings Panel or a newly convened Hearings Panel if the initial
Hearings Panel is unavailable. During the monitor period, the Company will be
under an obligation to notify the Panel immediately, in writing, in the event
its bid price falls below the minimum requirement for any reason, of if the
Company falls out of compliance with any applicable continued listing
requirement.
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