We knew this news was coming...still tons of time to get back into compliance>>>
Intellipharmaceutics Announces Receipt of Nasdaq Notice
Intellipharmaceutics International Inc. (MM) (NASDAQ:IPCI)
Today : Wednesday 20 September 2017
Intellipharmaceutics International Inc. (Nasdaq:IPCI) (TSX:IPCI) ("Intellipharmaceutics" or the "Company"), a pharmaceutical company specializing in the research, development and manufacture of novel and generic controlled- and targeted-release oral solid dosage drugs, announced today that it has received written notification (the "Notification Letter") from The NASDAQ Stock Market LLC ("Nasdaq") notifying the Company that it is not in compliance with the minimum market value of listed securities requirement set forth in Nasdaq Rules for continued listing on The Nasdaq Capital Market. The Notification Letter does not impact the Company's listing on The Nasdaq Capital Market at this time.
Nasdaq Listing Rule 5550(b)(2) requires listed securities to maintain a minimum market value of US $35.0 million, and Listing Rule 5810(c)(3)(C) provides that a failure to meet the minimum market value requirement exists if the deficiency continues for a period of 30 consecutive business days. Based on the market value of the Company's common shares for the 30 consecutive business days from August 8, 2017, the Company no longer meets the minimum market value of listed securities requirement. In accordance with Nasdaq Listing Rule 5810(c)(3)(C), the Company has been provided 180 calendar days, or until March 19, 2018, to regain compliance with Nasdaq Listing Rule 5550(b)(2). To regain compliance, the Company's common shares must have a market value of at least US $35.0 million for a minimum of 10 consecutive business days. In the event the Company does not regain compliance by March 19, 2018, the Company may be eligible for additional time to regain compliance.
The Company intends to monitor the market value of its common shares between now and March 19, 2018 and intends to cure the deficiency within the prescribed grace period. During this time, the Company's common shares will continue to be listed and trade on The Nasdaq Capital Market.
The Company's business operations are not affected by the receipt of the Notification Letter.
The Company is also listed on the Toronto Stock Exchange (TSX) and the Notification Letter does not affect the Company's compliance status with such listing
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