ImmuCell Corporation (NASDAQ:ICCC) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of ListingItem 3.01– Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On August 18, 2017, the Company received a deficiency notification letter from the Listing Qualifications Department (the “Staff”) of The NASDAQ Stock Market (“Nasdaq”). This notification letter provided notification that the Company no longer complies with Nasdaq’s compensation committee requirement, as set forth in Listing Rule 5605(d)(2)(A). Nasdaq Listing Rule 5605(d)(2)(A) requires a listed company to have a compensation committee comprised of at least two independent members. Dr. Linda Rhodes, a former independent director and member of the Company’s compensation committee, resigned from the board of directors effective August 10, 2017. As a result, the number of independent directors on the Company’s compensation committee was reduced from two to one. This notification letter also states that the Company will be provided: (i) until the earlier of the Company’s next annual shareholders’ meeting or August 10, 2018 or (ii) if the next annual shareholders’ meeting is held before February 6, 2018, then the Company must evidence compliance no later than February 6, 2018. If the Company does not regain compliance during this period, then the Staff will provide notice that the Company’s securities will be subject to delisting. At such time, the Company may appeal the delisting determination to a Panel. The Company would remain listed pending the Panel’s decision. There can be no assurance that, if the Company does appeal a subsequent delisting determination by the Staff to the Panel, that such appeal would be successful.
This notification letter has no immediate effect on the listing or trading of the Company’s common stock, which will continue to trade on The Nasdaq Capital Market under the symbol “ICCC”.
The Company expects to address this deficiency by adding a new independent director to its compensation committee at the next meeting of its Board of Directors, which is scheduled to be held on September 20, 2017.
About ImmuCell Corporation (NASDAQ:ICCC)
ImmuCell Corporation is an animal health company. The Company operates in the development, acquisition, manufacture and sale of products that improve the health and productivity of cows for the dairy and beef industries segment. The Company has developed products that provide immediate immunity to newborn dairy and beef cattle, and is developing product line extensions of its existing products that address mastitis. The Company’s lead product, First Defense, is manufactured from cows’ colostrum utilizing its vaccine and milk protein purification technologies. Its Wipe Out Dairy Wipes are made from a non-woven fabric that allows for a vigorous cleaning. It also developed California Mastitis Test (CMT), which is used for bulk tank, as well as individual cow sample monitoring and is used to determine which quarter of the udder is mastitic. Its product development initiative is Mast Out, a Nisin-based intramammary treatment of subclinical mastitis in lactating dairy cows.
