Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing
On
The Nasdaq deficiency letter has no immediate effect on the listing of the
Company's common stock on the Nasdaq Capital Market. On
In accordance with Nasdaq Listing Rule 5810(c)(3)(A) (the "Compliance Period
Rule"), the Company has been provided an initial period of 180 calendar days, or
until
If the Company does not regain compliance with the Bid Price Rule by the Compliance Date, the Company may be eligible for an additional 180 calendar day compliance period (the "Second Compliance Period"). To qualify, the Company would need to meet the continued listing requirement for the market value of publicly held shares and all other initial listing standards of the Nasdaq Capital Market, with the exception of the Bid Price Rule, and provide written notice to the Staff of its intention to cure the deficiency during the Second Compliance Period by effecting a reverse stock split, if necessary.
However, if the Company does not regain compliance with the Bid Price Rule by
the Compliance Date and it appears to the Staff that the Company will not be
able to regain compliance with the Bid Price Rule during the Second Compliance
Period, or the Company is otherwise not eligible for the Second Compliance
Period, then Nasdaq will provide notice to the Company that the Company's common
stock will be subject to delisting. At that time, the Company may appeal the
Staff's delisting determination to a
The Company intends to actively monitor the closing bid price of its common stock between now and the Compliance Date and will consider available options, including a reverse stock split. In order to make available the option of a reverse stock split, the Company may submit a reverse stock split proposal to its stockholders at a special meeting of stockholders or its next annual meeting of stockholders. However, there can be no assurance that the reverse stock split will be approved or that the Company will be able to regain compliance with the Bid Price Rule.
Item 9.01. Financial Statements and Exhibits. (d) Exhibits Exhibit Number Description 99.1 Press Release ofCASI Pharmaceuticals, Inc. datedJanuary 3, 2022 104 Inline XBRL for the cover page of this Current Report on Form 8-K
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