Marker Therapeutics Inc (MRKR)

[TOB]

I wouldn't go by investopedia for NASDAQ listing criteria. They mix up the various NASDAQ tiers, which presents a confusing picture.

There is a set of rules all companies have to meet: -TomP1

The rules you listed from investopeida are for the NASDAQ Global Select Market tier, a fairly exclusive club. It is "all companies" for that market tier only. NASDAQ has two other tiers; NASDAQ Global Market and NASDAQ Capital Markets (NASDAQ-CM) A small cap wouldn't be targeting the Global Select tier, and probably not the Global Market tier either. Small caps are more likely to target the Capital Markets tier, which has much more accessible rules.

Looking at TPIV, I'd say they would apply for the NASDAQ Capital Market, which is NASDAQ's small cap competitor to NYSE MKT (formerly Amex). These two are more for small caps.

In all standards for the various tiers, the Bid Price requirement is $4 for 90 consecutive days before applying. However, for the NASDAQ Capital Market, there is a closing price alternative of $3 for two tiers and $2 for the third tier. And just 5 days at that level.

However there are some additional requirements, and I've not looked TPIV financials to see how far away they may be. But having perused Resumeblank's excellent overview of the predicted share structure and market cap assuming warrant excise, I can see some of the qualifications for up-listing to NASDAQ-CM falling in line.

For example, for the NASDAQ-CM Market Value standard with a closing price alternative of $2, a market value of $50 million (which must be for a 3 month history), stockholders' equity of $4 million, publicly held shares market value of $15 million, net tangible assets of $2 million and a 3 year operating history. Only the $50 million is specified as requiring the 90 day history.

Alternatively, under the NASDAQ-CM Equity Standard, with a closing price alternative of $3, there is no market value requirement of $50 million.

Note that both non-income standards require stockholder equity of $4 or $5 million, and Market Value of publicly held shares of $15 million.

I'm new to TPIV, but just a quick glance at their filings shows an operating history of greater than 3 years. Note: in the financial world, the term 'operating history' is often restricted to companies with revenues. However, I've discussed this with an executive at NASDAQ and confirmed that this is not NASDAQ's usage. They list lot's of companies under this criteria with zero revenues.

So yes, with warrant exercise and a rising share price, TPIV can be a candidate for the NASDAQ CM starting with a closing price above $2, assuming other criteria are satisfied.

So in a virtuous cycle of a rising share price, warrant exercise with increased market cap and net tangible assets, TPIV could be an up-list candidate in fairly short order, and without the need for a reverse split to increase the share price.

With that said, I have no idea what, if anything, the company has said about its intentions as far as up-listing or share structure, but the above overview gives a rough guide of what is possible.

Here is the NASDAQ Initial Listing Guide

And here is the full NASDAQ Listing Rules

But note there are discretionary items and it is a somewhat complicated matter to understand.

With this information, perhaps some better versed on TPIV's financials can weigh in on TPIV's prospects for the NASDAQ-CM.