Ritter Pharmaceuticals Inc (RTTR)

[420man]

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

On November 21, 2019, Ritter Pharmaceuticals, Inc. (the “Company”) received a letter (the “Determination Letter”) from the Listing Qualifications Department of The Nasdaq Stock Market (“Nasdaq), notifying the Company that Nasdaq intends to delist the Company’s common stock pursuant to Nasdaq’s discretionary authority under Listing Rule 5101, based on its belief that that Company has no current operating business. The Determination Letter states that, unless the Company appeals Nasdaq’s determination and requests a hearing on the matter no later than 4:00 p.m. Eastern time on November 29, 2019, trading of the Company’s common stock on the Nasdaq Capital Market will be suspended at the opening of business on December 3, 2019 and a Form 25-NSE will be filed with the Securities and Exchange Commission.

The Determination Letter has no immediate effect on the listing of the Company’s common stock on The Nasdaq Capital Market. The Company intends to appeal Nasdaq’s determination and will request a hearing on the matter before the November 29, 2019 deadline.

As previously reported, on August 19, 2019, the Company received a written notice from Nasdaq indicating that the Company was not in compliance with Nasdaq Listing Rule 5550(b)(1) as the Company’s stockholders’ equity, as reported in the Company’s Quarterly Report on Form 10-Q for the period ended June 30, 2019, was below $2.5 million, which is the minimum stockholders’ equity required for compliance with Nasdaq Listing Rule 5550(b)(1). According to the Determination Letter, this deficiency serves as an additional and separate basis for delisting. In addition, on October 28, 2019, the Company received a written notice from Nasdaq indicating that, because the closing bid price for the Company’s common stock had been below $1.00 per share for 30 consecutive business days, it no longer complied with the minimum bid price requirement for continued listing on The Nasdaq Capital Market.


They need to be above a $1 for 10 days...or RS. JMO