Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transf
ITEM 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard
On May 28, 2008, CytRx Corporation ("we," "us," "our," "CytRx" or the "Company") received a notice from The Nasdaq Stock Market informing us that for the last 30 consecutive business days, the bid price of our common stock has closed below the minimum $1.00 per share requirement for continued inclusion on The Nasdaq Capital Market under Marketplace Rule 4310(c)(4). Our shares trade on The Nasdaq Capital Market under the symbol "CYTR." The notice states that under Marketplace Rule 4310(c)(8)(D), we will be provided 180 calendar days, or until November 24, 2008, to regain compliance with Marketplace Rule 4310(c)(4). To regain compliance, the bid price of our common stock must close at $1.00 per share or more for a minimum of 10 consecutive business days anytime before November 24, 2008.
The notice also states that on November 24, 2008, we will be provided with an additional 180 calendar day compliance period to demonstrate compliance if, at that time, we meet all of The Nasdaq Capital Market initial inclusion criteria set forth in Marketplace Rule 4310(c) other than the bid price requirement. If we are not eligible for an additional compliance period at that time, Nasdaq staff will provide written notification that our common stock will be delisted. Upon such notice, we may appeal the Nasdaq staff determination to a Listing Qualifications Panel, pursuant to the procedures set forth in the Nasdaq Marketplace Rule 4800 Series. There can be no assurance that, if the Nasdaq staff determines to delist our common stock and we appeal the Nasdaq Staff's determination, such appeal would be successful.
We continue to monitor the bid price for our common stock. If our common stock does not trade at a level that is likely to regain compliance, our Board of Directors will consider options available to us to achieve compliance. ITEM 9.01 Financial Statements and Exhibits
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AI
