LPATH, INC FILES (8-K) Disclosing Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing Edgar Online "Glimpses"
Item 3.01 Notice of Delisting or Failure to Satisfy a
Continued Listing Rule or Standard; Transfer of Listing.
On January 6, 2016 , pursuant to Nasdaq Listing Rule 5810(c)(3)(A)(ii), The NASDAQ Stock Market LLC ("Nasdaq") granted Lpath, Inc. , a Delaware corporation (the "Company"), an additional 180 calendar days, or until July 5, 2016 , to regain compliance with the minimum bid price requirement of $1 per share for continued listing on The Nasdaq Capital Market . As previously reported, on July 9, 2015 , the Company received written notice (the "Notification Letter") from Nasdaq notifying the Company that it was not in compliance with the minimum bid price requirements set forth in Nasdaq Listing Rule 5550(a)(2) for continued listing on The Nasdaq Capital Market , because the bid price of the Company's common stock had closed below the minimum $1 per share for the 30 consecutive business days prior to the date of the Notification Letter. In accordance with Nasdaq listing rules, the Company was afforded 180 calendar days, or until January 5, 2016 , to regain compliance with Nasdaq Listing Rule 5550(a)(2). The Company was unable to regain compliance with the bid price requirement by January 5, 2016 . The Nasdaq determination to grant the second compliance period was based on the Company meeting the continued listing requirement for market value of publicly held shares and all other applicable requirements for initial listing on the Nasdaq Capital Market , with the exception of the bid price requirement, and the Company's written notice of its intention to cure the deficiency during the second compliance period by effecting a reverse stock split, if necessary.
To regain compliance, the bid price of the Company's common stock must have a closing bid price of at least $1 per share for a minimum of 10 consecutive business days at any time during the second 180-day compliance period. The Company intends to monitor the closing bid price of its common stock and may, if appropriate, consider implementing available options, including submitting for approval by the Company's stockholders at the Company's 2016 annual meeting of stockholders, a reverse stock split. If a reverse stock split is approved by the stockholders of the Company at the 2016 annual meeting, the Company's Board of Directors will consider whether a reverse stock split is necessary and would facilitate the Company regaining compliance with the minimum bid price requirement by July 5, 2016 . 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 necessary for Company to maintain the listing of its common stock on the Nasdaq Capital Market .
