OH BOY HERE ARE THE BAD NEWS.Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing .including a potential strategic transaction and/or a reverse stock split
On August 8, 2017, Neothetics, Inc., a Delaware corporation (the “Company”), received a letter (the “Notice”) 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 for the last 30 consecutive business days, the Company no longer meets the requirement of the NASDAQ Capital Market to maintain a minimum bid price of $1 per share, as set forth in Nasdaq Listing Rule 5550(a)(2).
In accordance with Nasdaq Listing Rule 5810(c) (3) (A), the Company has been provided a period of 180 calendar days, or until February 5, 2018, in which to regain compliance. In order to regain compliance with the minimum bid price requirement, the closing bid price of the Company’s common stock must be at least $1 per share for a minimum of ten consecutive business days during this 180-day period. In the event that the Company does not regain compliance within this 180-day period, the Company’s common stock may be subject to delisting.
The Notice does not result in the immediate delisting of the Company’s common stock from the Nasdaq Capital Market. The Company intends to monitor the closing bid price of the Company’s common stock to allow a reasonable period for the price to rebound from its recent decline but will continue to consider its available options to regain compliance, including a potential strategic transaction and/or a reverse stock split. There can be no assurance that the Company will be able to regain compliance with the minimum bid price requirement or maintain compliance with the other listing requirements.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
NEOTHETICS, INC.
Date: August 10, 2017
By:
/s/ Susan A. Knudson
Susan A. Knudson
Chief Financial Officer
(Principal Executive Officer)
