Item 8.01. Other Events.

On January 13, 2020, the Company submitted a written request for a hearing before a Nasdaq Hearings Panel (the "Panel") to appeal the determination of the staff of the Nasdaq Listing Qualifications Department (the "Staff") relating to the previously disclosed Nasdaq Letter. The hearing before the Panel has been scheduled for February 27, 2020. The hearing request will stay any delisting action by Nasdaq of the Company's common stock at least until the Panel renders a decision in this matter. At the hearing, the Company will have the opportunity to outline its plan to regain compliance with the Bid Price Requirement and the Stockholders' Equity Requirement (each discussed below). There can be no assurance that the Panel will accept the Company's compliance plan.

As previously disclosed, on January 7, 2020, the Company received a letter (the "Nasdaq Letter") from the Staff notifying the Company that the Company has not regained compliance with the minimum bid price requirement set forth in NASDAQ Listing Rule 5550(a)(2) (the "Bid Price Requirement) by January 6, 2020, the 180 calendar day period previously provided in the letter received from the Staff on July 9, 2019 to regain compliance. The letter also confirmed that the Company is not eligible for a second 180 day period to regain compliance due to the Company not satisfying the Stockholders' Equity Requirement.

As previously disclosed, on December 2, 2019, the Company was notified by the Staff that the Company did not meet the minimum of $2,500,000 in stockholders' equity required by Listing Rule 5550(b)(1) for continued listing (the "Stockholders' Equity Requirement) nor did it meet the alternative requirements based on market value of listed securities or net income from continuing operations.











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