Listing on a National Exchange
We have applied to list our Common Stock on The NASDAQ Stock Market. In order for our Common Stock to be listed, we must fulfill certain listing requirements including a minimum stock price for our Common Stock. At our 2014 Annual and Special Meeting of Stockholders held on December 11, 2014, we received stockholder approval to extend for 12 months the period in which the board of directors is authorized to effect a reverse stock split of our outstanding Common Stock and to change the allowable exchange ratio to not less than 1-for-4 and not more than 1-for-25. The reverse stock split was first approved by our stockholders at our 2013 Annual and Special Meeting of Stockholders. We expect that a reverse stock split would initially result in an increase in the price per share of our Common Stock and substantially reduce the risk that a U.S. national securities exchange would decline to list our Common Stock on the basis of failure to meet the exchange’s minimum stock price. No assurances can be given that, even if we satisfy this listing requirement, our listing on The NASDAQ Stock Market or another U.S. national securities exchange will be approved, or that, if our Common Stock is listed on The NASDAQ Stock Market or another U.S. national securities exchange, we will be able to satisfy the maintenance requirements for continued listing.
AI
