Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing.
On
As per Section 4.1 of the OTCQB Standards, the company will be granted a cure
period of 90 calendar days during which the minimum closing bid price for the
Company's common stock must be
In the event that the Company's closing bid price falls below
The Company is currently engaged in discussions with various parties with respect to possible transactions, which if consummated, could reasonably be expected to cause the market price of the Company's common stock to rise above the minimum threshold described above. Such discussions are still in their early stages and no agreements or understandings have been reached with respect to any possible transaction. No assurance can be given that the ongoing discussions and negotiations will result in a consummation of a transaction, and that even if a transaction is consummated that it will result in increasing the market price of the Company's common stock above the required level.
In the event none of these contemplated transactions are consummated and the market price of the Company's common stock remains below the minimum threshold described above, the Company intends to implement a reverse stock split to cause the market price of its common stock to rise to the required level.
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