Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing.
As previously disclosed under "Other Information" on the Quarterly Report on
Form 10-Q filed on August 2, 2022, Talis Biomedical Corporation (the "Company")
received a deficiency letter from the Listing Qualifications Department (the
"Staff") of the Nasdaq Stock Market ("Nasdaq") informing the Company that its
common stock was below the minimum $1.00 per share requirement for continued
inclusion on the Nasdaq Global Market pursuant to Nasdaq Listing Rule 5450(a)(1)
(the "Bid Price Requirement") based on the closing bid price of the common stock
for the 31 consecutive business days prior to the date of notice from Nasdaq.
On January 24, 2023, the Company transferred the listing of its securities to
the Nasdaq Capital Market (the "Capital Market") and received notice from Nasdaq
indicating that, while the Company has not regained compliance with the Bid
Price Requirement, Nasdaq has determined that the Company is eligible for an
additional 180-day period, or until July 24, 2023, to regain compliance.
According to the notification from Nasdaq, the Staff's determination was based
on: (i) the Company meeting the continued listing requirement for market value
of publicly held shares and all other applicable requirements for initial
listing on the Capital Market, with the exception of the minimum bid price
requirement and (ii) the Company's written notice to Nasdaq of its intention to
cure the minimum bid price deficiency during the second compliance period by
effecting a reverse stock split, if necessary. If, at any time during this
second 180-day compliance period, the closing bid price of the common stock is
at least $1 per share for a minimum of 10 consecutive business days, Nasdaq will
provide the Company with written confirmation of compliance. If compliance
cannot be demonstrated by July 24, 2023, Nasdaq will provide the Company with
written notification that the common stock will be delisted. At that time, the
Company may appeal Nasdaq's determination to a Hearings Panel.
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