Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing.
On January 3, 2022, Corbus Pharmaceuticals Holdings, Inc. (the "Company")
received a letter from the Listing Qualifications Staff of The Nasdaq Stock
Market, LLC ("Nasdaq") indicating that, based upon the closing bid price of the
Company's common stock, par value $0.0001 per share ("Common Stock"), for the
last 30 consecutive business days, the Company is not currently in compliance
with the requirement to maintain a minimum bid price of $1.00 per share for
continued listing on the Nasdaq Capital Market, as set forth in Nasdaq Listing
Rule 5550(a)(2) (the "Notice").
The Notice has no immediate effect on the continued listing status of the
Company's Common Stock on the Nasdaq Global Market, and, therefore, the
Company's listing remains fully effective.
The Company is provided a compliance period of 180 calendar days from the date
of the Notice, or until July 5, 2022, to regain compliance with the minimum
closing bid requirement, pursuant to Nasdaq Listing Rule 5810(c)(3)(A). If at
any time before July 5, 2022, the closing bid price of the Company's Common
Stock closes at or above $1.00 per share for a minimum of 10 consecutive
business days, subject to Nasdaq's discretion to extend this period pursuant to
Nasdaq Listing Rule 5810(c)(3)(G), Nasdaq will provide written notification that
the Company has achieved compliance with the minimum bid price requirement, and
the matter would be resolved. If the Company does not regain compliance during
the compliance period ending July 5, 2022, then Nasdaq may grant the Company a
second 180 calendar day period to regain compliance, provided the Company (i)
transfers to the Nasdaq Capital Market, (ii) meets the continued listing
requirement for market value of publicly-held shares and all other initial
listing standards for the Nasdaq Capital Market, other than the minimum closing
bid price requirement and (ii) notifies Nasdaq of its intent to cure the
deficiency.
The Company will continue to monitor the closing bid price of its Common Stock
and seek to regain compliance with all applicable Nasdaq requirements within the
allotted compliance periods. If the Company does not regain compliance within
the allotted compliance periods, including any extensions that may be granted by
Nasdaq, 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 minimum bid price requirement during the
180-day compliance period, secure a second period of 180 days to regain
compliance or maintain compliance with the other Nasdaq listing requirements.
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