BIOSTAGE, INC. (NASDAQ:BSTG) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
Item 3.01.
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Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. |
On November 22, 2016, Biostage, Inc. (the Company) issued a press
release announcing that on November 18, 2016 it received a
written notification (the Notice Letter) from The NASDAQ Stock
Market LLC (NASDAQ) indicating that the Company is not in
compliance with NASDAQ Listing Rule 5550(a)(2), as the Companys
closing bid price for its common stock was below the $1.00 per
share requirement for the last 30 consecutive business days. This
notice has no immediate effect on the Companys Nasdaq listing or
the trading of its common stock. The full text of the press
release is filed as Exhibit 99.1 to this Current Report on Form
8-K.
The Notice Letter states that the Company will have 180 calendar
days, until May 17, 2017 (the Initial Compliance Period), to
regain compliance with the minimum bid price requirement. In
accordance with NASDAQ Listing Rule 5810(c)(3)(A), the Company
can regain compliance if the closing bid price of its common
stock is at least $1.00 for a minimum of 10 consecutive business
days.
If the Company does not achieve compliance with the minimum bid
price requirement by the end of the Initial Compliance Period, it
may be granted a second 180 day compliance period, as long as (a)
on the last day of the Initial Compliance Period the Company is
in compliance with the market value requirement for continued
listing as well as all other listing standards, except for the
minimum bid price requirement, and (b) the Company provides
written notice of its intention to cure the deficiency during the
second compliance period.
If the Company were not to regain compliance within the allotted
compliance period(s), including any extensions that may be
granted by NASDAQ, NASDAQ would then provide notice that the
Companys common stock would be subject to delisting. The Company
intends to monitor the closing bid price of its common stock
between now and May 17, 2017 and will consider available options
to resolve the Companys noncompliance with the minimum bid price
requirement as may be necessary.
| Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits.
| Exhibit Number | Title | |
| 99.1 | Press Release issued by Biostage, Inc. on November 22, 2016 |
About BIOSTAGE, INC. (NASDAQ:BSTG)
Biostage, Inc., formerly Harvard Apparatus Regenerative Technology, Inc., is a biotechnology company. The Company is engaged in developing bioengineered organ implants based on its Cellframe technology. Its Cellframe technology consists of a biocompatible scaffold that is seeded with the recipient’s own cells. It is developing its Cellframe technology to treat life-threatening conditions of the esophagus, trachea or bronchus that are caused due to cancer, infection, trauma or congenital abnormalities. Its Cellframe technology is engineered to stimulate the body’s signaling pathways and natural healing process to regenerate and restore organ function. Its Cellframe technology platform is used to create organ specific Cellspan implants. Its product candidates are in development and have not yet received regulatory approval for sale anywhere in the world. BIOSTAGE, INC. (NASDAQ:BSTG) Recent Trading Information
BIOSTAGE, INC. (NASDAQ:BSTG) closed its last trading session 00.000 at 0.840 with 8,684 shares trading hands.
