Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing.
On June 21, 2022, the Company received notice from the Nasdaq Stock Market
("Nasdaq") that it had granted the Company a 180-day extension to regain
compliance with the Nasdaq continued listing standards. Nasdaq informed the
Company that it granted the extension, in part, due to the Company's intention
to cure the deficiency during the extension period by effecting a reverse split,
if necessary. The extension runs through December 19, 2022.
As previously reported, the Company received notice from Nasdaq on December 22,
2021 that the closing bid price for our common stock had been below $1.00 per
share for the previous 30 consecutive business days, and that we were therefore
not in compliance with the minimum bid price requirement for continued inclusion
on The Nasdaq Capital Market under Nasdaq Listing Rule 5550(a)(2) ("Rule
5550(a)(2)"). Pursuant to the original notice, the Company had a 180-day period
in which to regain compliance. Neither the original notice nor the extension has
any immediate effect on the listing or trading of our common stock on The Nasdaq
Capital Market.
We remain subject to the conditions set forth in Nasdaq's notices on
December 22, 2021 and June 21, 2022. We can regain compliance with the $1.00
minimum bid listing requirement if the closing bid price of our common stock is
at least $1.00 per share for a minimum of ten (10) consecutive business days
during the 180-day extension period.
If the Company does not regain compliance during this extension period, we
expect Nasdaq will notify us that our common stock will be subject to delisting.
We will have the right to appeal a determination to delist our common stock, and
our common stock would remain listed on The Nasdaq Capital Market until the
completion of the appeal process.
Although we plan to take steps as necessary to regain compliance with Rule
5550(a)(2), there can be no assurance that the Company will be able to regain
compliance with Rule 5550(a)(2).
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