Item 3.01 Notice of Failure to Satisfy a Continued Listing Rule or Standard;
Transfer of Listing.
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 Minimum Bid Price Requirement by the Compliance Date, then, under Nasdaq Listing Rule 5810(c)(3)(A)(i), the Company may transfer to The Nasdaq Capital Market, provided that it meets the continued listing requirement for the market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market, except for the Minimum Bid Price Requirement, and the Company would need to provide written notice to Nasdaq of its intention to cure the deficiency during the additional compliance period. Following a transfer to The Nasdaq Capital Market, under Nasdaq Listing Rule 5810(c)(3)(A)(ii), the Company may be eligible for an additional 180 calendar day compliance period.
If the Company is not eligible for the additional compliance period or it
appears to the Staff that the Company will not be able to cure the deficiency or
if the Staff exercises its discretion to not provide such additional compliance
period, the Staff will provide written notice to the Company that its 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 monitor the closing bid price of its common stock and may, if appropriate, consider available options to regain compliance with the Minimum Bid Price Requirement. However, there can be no assurance that the Company will be able to regain compliance with the Minimum Bid Price Requirement, transfer to The Nasdaq Capital Market, secure a second period of 180 days to regain compliance, or maintain compliance with any of the other Nasdaq continued listing requirements.
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