Item 8.01 Other Events
As previously disclosed, on March 23, 2020, Helius Medical Technologies, Inc.
(the "Company"), received notice from the Listing Qualifications Staff (the
"Staff") of The Nasdaq Stock Market LLC ("Nasdaq") that the bid price for the
Company's common stock had closed below $1.00 per share for the prior
30-consecutive business day period and that the Company had been granted a
180-day grace period, through September 21, 2020, to regain compliance with
Nasdaq Marketplace Rule 5550(a)(2) (the "Minimum Bid Price Rule"). Thereafter,
on April 17, 2020, the Company received an additional notice from the Staff
indicating that Nasdaq had temporarily stayed enforcement of the Minimum Bid
Price Rule through June 30, 2020 and, accordingly, the 180-day grace period
applicable to the Company would not expire until December 3, 2020. On December
4, 2020, the Company received notice from the Staff indicating that the Company
was not eligible for an additional 180 day extension to meet the Minimum Bid
Price Rule. As a result, the Staff determined that the Company's securities
would be subject to delisting unless the Company timely requests a hearing
before the Nasdaq Hearings Panel (the "Panel"). The Company timely requested a
hearing before the Panel, which stayed the delisting pending the Panel's
decision.
On January 15, 2021, the Company received a letter from the Nasdaq Office of
General Counsel notifying the Company that the minimum bid price deficiency had
been cured and that the Company was in compliance with all applicable listing
standards. Accordingly, the hearing was considered moot and cancelled, and
Nasdaq has determined to continue the listing of the Company's Class A common
stock on The Nasdaq Capital Market.
On January 19, 2021, the Company issued a press release with respect to the
foregoing, a copy of which is filed as Exhibit 99.1 hereto.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit Description
99.1 Press Release, dated January 19, 2021 .
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