Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing
As previously disclosed on the Company's Current Report on Form 8-K filed with
the Securities and Exchange Commission on July 19, 2019, InVivo Therapeutics
Holdings Corp. (the "Company") received a deficiency letter from the Listing
Qualifications Department (the "Staff") of the Nasdaq Stock Market ("Nasdaq") on
July 17, 2019, notifying the Company that, for the previous 30 consecutive
business days, the bid price for the Company's common stock had closed below the
minimum $1.00 per share requirement for continued inclusion on The Nasdaq
Capital Market pursuant to Nasdaq Listing Rule 5550(a)(2) (the "Bid Price
Rule"). In accordance with Nasdaq Listing Rule 5810(c)(3)(A) (the "Compliance
Period Rule"), the Company was provided an initial period of 180 calendar days,
or until January 13, 2020 (the "Initial Compliance Date"), to regain compliance
with the Bid Price Rule.
The Company did not regain compliance with the Bid Price Rule by the Initial
Compliance Date. On January 14 2020, in accordance with Nasdaq Listing Rule
5810(c)(2)(B), the Company was provided an additional 180 calendar day
compliance period, or until July 13, 2020 (the "Extended Compliance Date"), to
regain compliance with the Bid Price Rule.
If, at any time before the Extended Compliance Date, the bid price for the
Company's common stock closes at $1.00 or more for a minimum of 10 consecutive
business days as required under the Compliance Period Rule, the Staff will
provide written notification to the Company that it complies with the Bid Price
Rule, unless the Staff exercises its discretion to extend this 10 day period
pursuant to Nasdaq Listing Rule 5810(c)(3)(G). While the Company is working
toward regaining compliance for continued listing on Nasdaq, there can be no
assurance that the Company will be able to demonstrate compliance by the
Extended Compliance Date.
If the Company does not regain compliance with the Bid Price Rule by the
Extended Compliance Date, the Staff will provide written notification to the
Company that its common stock will be subject to delisting. At that time, the
Company may appeal the Staff's delisting determination to a Nasdaq Hearings
Panel (the "Panel"). The Company expects that its common stock would remain
listed pending the Panel's decision. There can be no assurance that, if the
Company does appeal the delisting determination by the Staff to the Panel, that
such appeal would be successful.
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