Item 8.01 Other Events
On November 24, 2020, Teligent, Inc. (the "Company") received notice from The
Nasdaq Stock Market ("Nasdaq") stating that the Company was not in compliance
with Nasdaq Listing Rule 5250(c)(1) as a result of the Company not having timely
filed its Quarterly Report on Form 10-Q for the three months ended September 30,
2020 ("Form 10-Q") with the Securities and Exchange Commission (the "SEC"). Upon
filing of the Form 10-Q on December 31, 2020 with the SEC, the Company regained
compliance with Nasdaq Listing Rule 5250(c)(1) and this matter is now closed.
In addition, on July 28, 2020, the Company received notice from Nasdaq stating
that the Company was not in compliance with Nasdaq Listing Rule 5450(b)(2)(C)
because the Company failed to maintain a minimum market value of publicly held
shares of $15,000,000 for 30 consecutive trading days. On January 15, 2021, the
Company received notice from Nasdaq confirming that for the last 10 consecutive
trading days, the minimum market value of publicly held shares of the Company's
common stock has been equal to or in excess of the $15,000,000 minimum market
value of publicly held shares requirement for continued listing, as required by
Nasdaq Listing Rule 5450(b)(2)(C). Accordingly, Nasdaq has determined that the
Company has regained compliance with Nasdaq Listing Rule 5450(b)(2)(C) and this
matter is now closed.
Also, as previously disclosed, the Company received notice from Nasdaq on
December 4, 2020 that it was not in compliance with the minimum $1.00 bid price
requirement for continued listing set forth in Nasdaq Listing Rule 5450(a)(1)
(the "Bid Price Rule"). The Company continues to have until June 2, 2021 to
regain compliance with the Bid Price Rule. If the Company does not regain
compliance with the Bid Price Rule on or before June 2, 2021, unless the Company
files for and receives an extension to comply with the Bid Price Rule, the
Company's common stock will be delisted from the Nasdaq Global Select Market.
The Company intends to actively monitor the closing bid price of its listed
shares of common stock and, as appropriate, will consider available options to
resolve the deficiency and regain compliance with the Bid Price Rule.
The Company issued the press release attached hereto as Exhibit 99.1 related to
the events discussed above.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. Exhibit Description
99.1 Press Release dated January 22, 2021
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