Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On
In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company is provided a
compliance period of 180 calendar days from the date of the Notice, or until
If the Company does not regain compliance during the compliance period, the Company may be provided a second 180 calendar day period to regain compliance if it applies to transfer the listing of the Company's Common Stock to the Nasdaq Capital Market. To qualify, the Company must 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 minimum bid price requirement), based on the Company's most recent public filings and market information and notify Nasdaq of its intent to cure the deficiency by effecting a reverse stock split, if necessary. If the Company does not regain compliance within the allotted compliance periods, including any extensions that may be granted by Nasdaq, the Company's stock will be subject to delisting. The Company would have the right to appeal a determination to delist the Company's Common Stock, and the Company's Common Stock would remain listed on the Nasdaq Global Select Market until the completion of the appeal process.
The Company intends to monitor the closing bid price of its stock and assess potential actions to regain compliance. While the Company plans to review all available options, there can be no assurance that the Company will regain compliance with the minimum bid price requirement during the 180-day compliance period, secure a second 180-day period to regain compliance, or maintain compliance with the other Nasdaq listing requirements.
Forward-Looking Statements
This Current Report on Form 8-K contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended, about the Company that
involve substantial risks and uncertainties. All statements other than
statements of historical facts contained in this Current Report on Form 8-K are
forward-looking statements. In some cases, you can identify forward-looking
statements because they contain words such as "anticipate," "believe," "intend,"
"may," "plan," "should," "will," or the negative of these words or other similar
terms or expressions. Forward-looking statements in this Current Report on Form
8-K include, but are not limited to, statements regarding the Company's intent
or ability to regain compliance with Nasdaq's minimum bid price requirement,
including initiating a reverse stock split, Nasdaq granting the Company any
relief from delisting as necessary, and whether the Company can ultimately meet
applicable Nasdaq requirements for any such relief. The forward-looking
statements contained in this report are based on management's current
expectations, which are subject to uncertainty, risks and changes in
circumstances that are difficult to predict and many of which are outside of the
Company's control. Important factors that could cause the Company's actual
results to differ materially from those indicated in the forward-looking
statements are more fully discussed in the Company's periodic filings with the
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