Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing.
On June 29, 2022, PhaseBio Pharmaceuticals, Inc. (the "Company") received a
notice from The Nasdaq Stock Market ("Nasdaq") that the Company is not in
compliance with Nasdaq's Listing Rule 5450(a)(1), as the minimum bid price of
the Company's common stock has been below $1.00 per share for 30 consecutive
business days (the "Minimum Bid Price Requirement"). The notification of
noncompliance has no immediate effect on the listing or trading of the Company's
common stock on The Nasdaq Global Market.
The Company has 180 calendar days, or until December 26, 2022, to regain
compliance with the Minimum Bid Price Requirement. To regain compliance, the
minimum bid price of the Company's common stock must meet or exceed $1.00 per
share for a minimum of ten consecutive business days during this 180-calendar
day grace period. In the event the Company does not regain compliance with the
minimum bid price requirement by December 26, 2022, the Company may be eligible
for an additional 180-calendar day compliance period if it elects to transfer to
The Nasdaq Capital Market to take advantage of the additional compliance period
offered on that market. To qualify, the Company would be required to meet the
continued listing requirement for market value of publicly held shares and all
other initial listing standards for The Nasdaq Capital Market, with the
exception of the bid price requirement, and would need to provide written notice
of its intention to cure the bid price deficiency during the second compliance
period. The Company's failure to regain compliance during this period could
result in delisting.
On June 29, 2022, the Company received a separate notice from Nasdaq that, for
the last 30 consecutive business days, the Market Value of Listed Securities
("MVLS requirement") for the Company's common stock was below the minimum MVLS
requirement of $50,000,000 required for continued listing on The Nasdaq Global
Market and that the Company is therefore not in compliance with Nasdaq's Listing
Rule 5450(b)(2)(A). This notification of noncompliance has no immediate effect
on the listing or trading of the Company's common stock on The Nasdaq Global
Market.
The Company has 180 calendar days, or until December 26, 2022, to regain
compliance with the MVLS requirement. To regain compliance, the Company's MVLS
must close at $50,000,000 or more for a minimum of ten consecutive business days
during this 180-calendar day grace period. In the event the Company does not
regain compliance with the MVLS requirement by December 26, 2022, the Company
may be eligible to transfer to The Nasdaq Capital Market. To qualify, the
Company would be required to meet the continued listing requirements for The
Nasdaq Capital Market. If the Company does not regain compliance or transfer to
The Nasdaq Capital Market before the compliance period expires, the Company will
receive a written notification from Nasdaq that its common stock is subject to
delisting. If the Company were to receive such a notification, the Company could
appeal Nasdaq's determination to delist its common stock, but there can be no
assurance Nasdaq would grant the Company's request for continued listing.
The Company intends to actively monitor the bid price of and the market value of
its common stock and will consider available options to regain compliance with
the listing requirements. There can be no assurance that the Company will be
able to regain compliance with Nasdaq's Listing Rule 5450(a)(1) or 5450(b)(2)(A)
or will otherwise be in compliance with other Nasdaq listing criteria.
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PHASEBIO PHARMACEUTICALS, INC. 