Cardica Inc (CRDC)

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CRDC,...Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard

Item 3.01. Notice of Delisting or Failure to Satisfy Continued Listing Rule or Standard; Transfer of Listing.

On June 9, 2015, Cardica, Inc. received from the staff (the "Staff") of The NASDAQ Stock Market LLC ("Nasdaq") a letter (the "Delisting Notice") stating that Cardica had failed to regain compliance with Nasdaq Listing Rule 5450(a)(1) during the 180 day period following Cardica's receipt of the Staff's letter of December 9, 2014. In the December 9, 2014, letter, the Staff advised Cardica that the bid price of Cardica's common stock had closed at less than $1 per share over the previous 30 consecutive business days and that Cardica had 180 calendar days, or until June 8, 2015, to regain compliance with Nasdaq Listing Rule 5450(a)(1). To regain compliance, the closing bid price of Cardica's common stock needed to have been at least $1 per share for a minimum of 10 consecutive business days before June 8, 2015.

The Delisting Notice further states that unless Cardica applies to transfer its common stock to The Nasdaq Capital Market or requests an appeal of this determination to the Nasdaq Listing Qualifications Panel on or before June 16, 2015, the Staff has determined that the Cardica common stock will be scheduled for delisting at the opening of business on June 18, 2015. Cardica has determined to apply to transfer its common stock to The Nasdaq Capital Market, which according to the letter will stay the delisting of the Cardica common stock for an additional 180 days during which Cardica will have the opportunity to cure the bid price deficiency.

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