This recent notification on another ticker describes the ramifications clearly, plenty of time.
Nasdaq Minimum Bid Requirement Deficiency Letter
On May 12, 2022 we received a deficiency letter (the “Nasdaq Letter”) from the Nasdaq Listing Qualifications Department, notifying us that we are not in compliance with Nasdaq Listing Rule 5550(a)(2), which requires the Company to maintain a minimum bid price of at least $1 per share for continued listing on The Nasdaq Capital Market (the “Minimum Bid Requirement”). Our non-compliance with the Minimum Bid Requirement was based on our common stock price per share being below the Minimum Bid Requirement for a period of 30 consecutive business days. Pursuant to the Nasdaq Letter, we have 180 calendar days from the date of the Nasdaq Letter to regain compliance, which will expire November 8, 2022. If we are unable to regain compliance by November 8, 2022, we may be eligible for an additional 180 calendar day compliance period to demonstrate compliance with the Minimum Bid Requirement. To qualify, we will be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market (“Nasdaq”), with the exception of the Minimum Bid Requirement, and will need to provide written notice to Nasdaq of our intention to cure the deficiency during the second compliance period. If we do not qualify for the second compliance period or we are unable to regain compliance during the second 180 calendar day period, Nasdaq may notify us of its determination to delist our common stock, at which point we would have an opportunity to appeal the delisting determination to a Hearings Panel. We intend to actively monitor the closing bid price of our common stock and will evaluate available options to regain compliance with the Minimum Bid Requirement.
Neither the Nasdaq Letter nor our noncompliance with the Minimum Bid Requirement have an immediate effect on the listing or trading of our common stock, which will continue to trade on The Nasdaq Capital Market under the symbol “
