Aethlon Medical, Inc. (NASDAQ:AEMD) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
Item 3.01
On May 2, 2019, the Company received a letter from The Nasdaq Stock Market LLC (“Nasdaq”) indicating that Nasdaq has determined that the Company has failed to comply with the minimum bid price requirement of Nasdaq Listing Rule 5550(a)(2). Nasdaq Listing Rule 5550(a)(2) requires that companies listed on the Nasdaq Capital Market maintain a minimum closing bid price of at least $1.00 per share.
Under Nasdaq Listing Rule 5810(c)(3)(A), the Company has a 180 calendar day grace period to regain compliance by meeting the continued listing standard. The continued listing standard will be met if the Company’s common stock has a minimum closing bid price of at least $1.00 per share for a minimum of 10 consecutive business days during the 180 calendar day grace period.
The Company is monitoring the bid price of its common stock and will consider options available to it to potentially achieve compliance.
Amendment to Convertible Promissory Notes.
On May 6, 2019, Aethlon Medical Inc. (the “Company”), Alpha Capital Anstalt and Osher Capital Partners, LLC entered into an Amendment (the “Note Amendment”) to the outstanding Convertible Notes issued by the Company on November 6, 2014 and December 30, 2016, as amended to date (the “Notes”). The Note Amendment amends the conversion price for the Notes to $0.68 per share. As of May 6, 2019, the outstanding balance of the Notes was $992,592.
The information included in Item 1.01 of this Current Report on Form 8-K is hereby incorporated by reference into this Item 3.03.