Agile Therapeutics,Inc. (NASDAQ:AGRX) 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 Continuing Listing Ruleor Standard; Transfer of Listing.
On July2, 2018, Agile Therapeutics,Inc. (the “Company”) a women’s healthcare company, received a letter from The Nasdaq Stock Market LLC (“Nasdaq”) indicating that the Company has failed to comply with the minimum bid price requirement of Nasdaq Listing Rule5450(a)(1)for 30 consecutive business days. Nasdaq Listing Rule5450(a)(1)requires that companies listed on the Nasdaq Global Market maintain a minimum closing bid price of at least $1.00 per share. The notification of noncompliance has no immediate effect on the listing or trading of the Company’s common stock on the Nasdaq Global Market under the symbol “AGRX”.
Under Nasdaq Listing Rule5810(c)(3)(A), the Company has a 180 calendar day grace period, or until December31, 2018, 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 ten consecutive business days during the 180 calendar day grace period.
If the Company is not in compliance by December31, 2018, the Company may be afforded a second 180 calendar day period to regain compliance in connection with a transfer to The Nasdaq Capital Market. To qualify, the Company would be required to meet the continued listing requirement for market value of publicly held shares and all other listing standards for The Nasdaq Capital Market, except for the minimum bid price requirement. In addition, the Company would be required to notify Nasdaq of its intention to cure the minimum bid price deficiency during the second compliance period, by effecting a reverse stock split, if necessary. Nasdaq could refuse to provide the additional 180 calendar day period if it does not appear to Nasdaq that it is possible for the Company to cure the deficiency.
If the Company does not regain compliance within the allotted compliance period(s), including any extensions that may be granted by Nasdaq, Nasdaq will provide notice that the Company’s common stock will be subject to delisting. At that time, the Company may appeal the Nasdaq Staff’s determination to a Hearings Panel. In the event of an appeal, the Company’s common stock would remain listed on the Nasdaq Global Market pending a decision by the Hearings Panel following the hearing.
The Company intends to monitor the closing bid price of the Company’s common stock and consider its available options to resolve the noncompliance with the minimum bid price requirements. No determination regarding the Company’s response has been made at this time. There can be no assurance that the Company will be able to regain compliance with the minimum bid price requirement or will otherwise be in compliance with other Nasdaq listing criteria.