Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule
or Standard; Transfer of Listing.
As previously reported, on June 3, 2022, Xenetic Biosciences, Inc. (the
"Company") received a written notification from the Listing Qualifications
Department of the Nasdaq Stock Market LLC ("Nasdaq") notifying the Company that
the closing bid price for its common stock had been below $1.00 for 30
consecutive business days and that the Company therefore was not in compliance
with the minimum bid price requirement for continued inclusion on the Nasdaq
Capital Market under Nasdaq Listing Rule 5550(a)(2) (the "Bid Price
Requirement").
On December 1, 2022, the Company received a letter from Nasdaq informing it that
although the Company's common stock has not regained compliance with the minimum
$1.00 bid price per share requirement, Nasdaq has determined that the Company is
eligible for an additional 180 calendar day period, or until May 29, 2023, to
regain compliance. Nasdaq's determination was based on the Company meeting the
continued listing requirement for market value of publicly held shares and all
other applicable requirements for initial listing on the Nasdaq Capital Market
with the exception of the bid price requirement, and the Company's written
notice of its intention to cure the deficiency during the second compliance
period by effecting a reverse stock split, if necessary.
If at any time before May 29, 2023, the closing bid price of the Company's
common stock closes at or above $1.00 per share for a minimum of, subject to
Nasdaq's discretion, 10 consecutive business days, Nasdaq will provide written
notification that the Company has achieved compliance with the Bid Price
Requirement.
The Company will continue to monitor the closing bid price of its common stock
and will consider its available options to resolve the deficiency and regain
compliance with the Bid Price Requirement within the allotted compliance period.
If the Company does not regain compliance within the allotted compliance period,
Nasdaq will provide notice that the Company's common stock will be subject to
delisting. The Company would then be entitled to appeal that determination to a
Nasdaq hearings panel. There can be no assurance that the Company will regain
compliance with the Bid Price Requirement.
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