[color=red]Our stock price has declined significantly, which may result in the delisting of our common stock from The NASDAQ Global Market.
Our common stock is currently traded on The NASDAQ Global Market. Following the termination for futility of the Phase 3 GALAXY-2 trial our stock price has declined significantly. As of November 4, 2015, our closing stock price on The NASDAQ Global Market was $ 0.65 per share. The continued listing requirements of The NASDAQ Global Market requires a minimum closing bid price of $1.00, and if a listed company has a closing bid price of less than $1.00 for 30 consecutive trading days, the company may be subject to delisting proceedings. As of November 4, 2015, our closing bid price had been below $1.00 for ten consecutive trading days. If we continue below $1.00 for another 20 consecutive trading days, we will receive a notice from NASDAQ and will be provided an initial period of 180 calendar days to regain compliance. To regain compliance, the closing bid price of our common stock must be $1.00 per share or more for a minimum of ten consecutive trading days. If we do not regain compliance within this 180 calendar day period, we may be eligible for an additional 180 calendar day compliance period on The NASDAQ Capital Market. To qualify, we would be required to meet the continued listing requirement for market value of publicly held shares of $1 million and all other initial listing standards for The NASDAQ Capital Market, with the exception of the bid price requirement, and would need to provide written notice of the intention to cure the deficiency during the second compliance period, by effecting a reverse stock split, if necessary. However, if we were not eligible for the additional 180 calendar day compliance period on The NASDAQ Capital Market, NASDAQ would notify us that our common stock would be subject to delisting. In the event of such a notification, we would be allowed to appeal NASDAQ’s determination to delist our common stock, but there can be no assurance that NASDAQ would grant such a request for continued listing.
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In My Own Personal Opinion Of Course!
