RITTER PHARMACEUTICALS, INC. (NASDAQ:RTTR) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
Notice of Delisting and Hearings Panel Appeal
On June 26, 2019, Ritter Pharmaceuticals, Inc. (the “Company”) received written notice (the “Notice”) from the Listing Qualifications department of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that it had not regained compliance with the minimum bid price requirement and that it is not eligible for a second 180-day grace period to regain compliance because the Company does not comply with the $5,000,000 stockholders’ equity initial listing requirement or equivalent standards for The Nasdaq Capital Market. The Company has appealed the determination to a Hearings Panel (the “Panel”) and has requested a hearing before the Panel, to the procedures set forth in the Nasdaq Listing Rule 5800 Series. Such hearing request will stay the suspension of the Company’s securities pending the Panel’s decision, during which time the Company’s stock will continue to be listed on Nasdaq, and the Company’s common stock will continue to trade under the symbol “RTTR”. Should the Company regain compliance with the minimum bid price requirement prior to the hearing it will request the hearing be cancelled and that a written determination of compliance be provided to the Company.
As previously disclosed by the Company on a Current Report on Form 8-K filed with the Securities and Exchange Commission on December 28, 2018, the Company received a written notice (the “Initial Notice”), dated December 26, 2018, from the Listing Qualifications department indicating that the bid price of the Company’s common stock for the prior 30 consecutive business days had closed below the minimum $1.00 per share required for continued listing on the Nasdaq Capital Market under Nasdaq Listing Rule 5550(a)(2). The Initial Notice provided the Company 180 calendar days in which to regain compliance with the minimum bid price requirement. The Company was unable to regain compliance with the minimum bid price requirement during the compliance period, which ended on June 24, 2019.
The Company’s receipt of the Notice does not affect the Company’s business, operations or reporting requirements with the SEC. The Company is considering all of its options to regain compliance and, should the hearing take place, will present a plan to regain compliance, including the possibility of requesting stockholder approval to amend the Company’s Amended and Restated Certificate of Incorporation, as amended, to effectuate a reverse split of the Company’s common stock. In making its final determination, the Panel may also consider other factors, such as the Company’s fundamental financial strengths and weaknesses, the overall market, the Company’s historical bid price, impending developments and announcements, and corporate actions and strategic business plans that the Company believes may impact its bid price
There can be no assurance that the Company will be successful in appealing the determination and in regaining compliance with all applicable requirements for continued listing on the Nasdaq Capital Market. In addition, the delisting of the common stock from a national exchange could materially adversely affect the Company’s access to capital markets, and any limitation on market liquidity or reduction in the price of the common stock as a result of that delisting could adversely affect the Company’s ability to raise capital on terms acceptable to the Company, or at all.
About RITTER PHARMACEUTICALS, INC. (NASDAQ:RTTR)
Ritter Pharmaceuticals, Inc. develops therapeutic products that modulate the human gut microbiome to treat gastrointestinal diseases. The Company’s segment is focusing on the development and commercialization of RP-G28. The Company conducts human gut health research by exploring metabolic capacity of the gut microbiota and translating the functionality of prebiotic-based therapeutics into applications intended to have impact on a patient’s health. The Company’s compound, RP-G28, is under development for the treatment of lactose intolerance. The Company has completed a Phase IIa clinical trial of its product candidate, RP-G28, an orally administered oligosaccharide. RP-G28 is designed to stimulate the growth of lactose-metabolizing bacteria in the colon. The Company has not generated any revenues.
