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Replies to post #2607 on BioPharmX Corp fka BPMX
09/09/19 10:46 AM
On September 24, 2018, we received a deficiency notice by the NYSE American that we were not in compliance with the stockholders’ equity requirements set forth in the NYSE American Company Guide. The deficiency notice was based on our reported stockholders’ equity of $4.3 million as of July 31, 2018 and net losses in our five most recent fiscal years ended January 31, 2018. NYSE Regulation reviewed our plan to regain compliance with this standard and approved a plan period through September 24, 2019. We have requestied that the NYSE American grant us a six-month extension to this plan period. If we are unable to obtain such extension, or if we are unable to regain compliance by September 24, 2019 or the NYSE American determines that we are not making progress consistent with the plan during the plan period, the NYSE American may initiate suspension and delisting procedures. If delisting proceedings are commenced, the NYSE American rules permit us to appeal a staff delisting determination. Our common stock will continue to be listed and traded on the NYSE American during the plan period, subject to our compliance with the NYSE American’s other applicable continued listing standards. As of July 31, 2019, our stockholders’ equity was $2.2 million.
Additionally, the declining market price of our common stock previously resulted in a 30-day average price of our common stock falling below $0.20, in violation of the share price requirements set forth in the NYSE American Company Guide. Following our 1-for-25 reverse stock split effected on April 25, 2019, our share price increased, and we received notification from the NYSE American on April 30, 2019, that we had regained compliance with the applicable standard. However, there can be no assurance that our share price will not fall in the future, and if we are unable to maintain a minimum market price of our common stock, we may fall out of compliance with the listing standards again.
Additionally, if at any time our common stock trades below $0.06 per share, we will be automatically delisted from the NYSE American. If we are unable to satisfy the continued listing requirements of the NYSE American, our common stock will be subject to delisting. If our common stock loses its status on the NYSE American, we believe that our shares of common stock would likely be eligible to be quoted on the inter-dealer electronic quotation and trading system operated by Pink OTC Markets, Inc., commonly referred to as the Pink Sheets and now known as the OTCQB market. Our common stock may also be quoted on the Over-the-Counter Bulletin Board, an electronic quotation service maintained by the Financial Industry Regulatory Authority, Inc. These markets are generally not considered to be as efficient as, and not as broad as, the NYSE American. In the event of any delisting, it could be more difficult to buy or sell our common stock and obtain accurate quotations, and the price of our stock could suffer a material decline. Delisting may also impair our ability to raise capital.
