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 Notice or Delisting or Failure to Satisfy a Continued
Listing Rule or Standard
Franklyn S. Barry., Jr, formerly one of the directors of Aethlon
Medical, Inc. (the Company), as well as a member of the Companys
Audit Committee, for health reasons declined to stand for
re-election as a member of the Companys Board of Directors and
Audit Committee with respect to the Companys Annual Meeting of
Shareholders held on March 30, 2017. As a result, the Company has
two independent directors and members of its Audit Committee and
thus no longer complies with Nasdaqs independent director and
audit committee requirements as set forth in Listing Rule 5605.
The Company received a notification letter from Nasdaq on April
3, 2017 regarding this noncompliance.
Under Listing Rules 5605(b)(1)(A) and 5605(c)(4), Nasdaq shall
provide the Company with time to regain compliance either until
the earlier of its next annual meeting or March 30, 2018; or if
the next annual meeting is before September 26, 2017, until
September 26, 2017.
In order to regain compliance, the Company must submit to Nasdaq
documentation, including biographies of any new directors,
evidencing compliance with the rules no later than the applicable
date set forth above.It is the Companys intent to appoint a new
director to fill the vacancy created by Mr. Barrys departure in
the upcoming months, and certainly no later than the Company next
annual shareholders meeting. The Company is currently evaluating
new candidates to join its board of directors.
Item 8.01 Other Information
As of the close of business on April 5, 2017, 8,797,086 shares of
the Companys common stock were issued and outstanding.
About AETHLON MEDICAL, INC. (NASDAQ:AEMD)
Aethlon Medical, Inc. is a medical device company focused on creating devices for cancer, infectious disease and other life-threatening conditions. The Company operates through two segments: Aethlon, which represents its therapeutic business activities, and ESI, which represents its diagnostic business activities. The Company’s lead product is the Aethlon Hemopurifier, which is a device that selectively targets the elimination of circulating viruses and tumor-secreted exosomes that promote cancer progression. The Aethlon Hemopurifier sheds glycoproteins to treat infectious viral pathogens. In oncology indications, the Hemopurifier targets the removal of circulating exosomes, which are released to promote cancer progression and to seed the spread of metastasis. Through its subsidiary, Exosome Sciences, Inc. (Exosome), the Company is also developing exosome-based product candidates to diagnose and monitor neurological disorders and cancer. AETHLON MEDICAL, INC. (NASDAQ:AEMD) Recent Trading Information
AETHLON MEDICAL, INC. (NASDAQ:AEMD) closed its last trading session down -0.12 at 2.43 with shares trading hands.