Rock Creek Pharmaceuticals Inc. (fka RCPIQ)

[leifsmith]

8-k: Notice of Delisting

http://secfilings.com/searchresultswide.aspx?link=2&filingid=10927099

Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.

On September 22, 2015, Rock Creek Pharmaceuticals, Inc. (the “Company”) received a notice from The Nasdaq Stock Market (“Nasdaq”) stating that, as a result of the Company’s failure to regain compliance with Listing Rule 5550(b)(2), which requires the Company to maintain a minimum market value of $35,000,000 with respect to its listed securities, the Company’s common stock is now subject to delisting from The Nasdaq Capital Market. The notice further provides that, unless the Company requests an appeal of this determination, trading of the Company’s common stock will be suspended at the opening of business on October 1, 2015 and a Form 25-NSE will be filed with the Securities and Exchange Commission, which will remove the Company’s common stock from listing and registration on Nasdaq.

In the notice, Nasdaq also refers to the notice received by the Company on July 16, 2015 regarding the Company’s violation of the stockholder approval requirement set forth in Listing Rule 5635(d)(2), which requires the Company to obtain prior stockholder approval for any “sale, issuance or potential issuance by the Company of common stock (or securities convertible into or exercisable [for] common stock) equal to 20% or more of the common stock or 20% or more of the voting power outstanding before the issuance for less than the greater of book or market value of the stock.” The notice further indicates that such violation serves as an additional basis for delisting and must be addressed at the Company’s hearing.

The Company intends to appeal Nasdaq’s determination and has requested a hearing before a hearings panel pursuant to the procedures set forth in the Nasdaq Listing Rules in order to present a plan to regain compliance with the minimum market value requirement and the stockholder approval requirement. The Company’s hearing request will stay the suspension of the Company’s common stock and the filing of the Form 25-NSE pending the panel’s decision. The Company can provide no assurance that (a) following the hearing, the hearing panel will grant the Company’s request for continued listing, or (b) the Company can maintain compliance with the other Nasdaq Listing Rules.