Alliqua BioMedical, Inc. (NASDAQ:ALQA) 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 |
As previously reported, on October 12, 2016, Alliqua BioMedical,
Inc. (the Company) received a letter from the Listing
Qualifications Department of the Nasdaq Stock Market (Nasdaq)
indicating that, based upon the closing bid price of the Companys
common stock for the last 30 consecutive business days, the
Company did not meet the minimum bid price of $1.00 per share
required for continued listing on The Nasdaq Capital Market to
Nasdaq Listing Rule 5550(a)(2) (the Rule). The letter also
indicated that the Company had a compliance period of 180
calendar days, or until April 10, 2017, in which to regain
compliance to Nasdaq Listing Rule 5810(c)(3)(A). The letter
further provided that if the Company does not regain compliance
by April 10, 2017, an additional 180 days may be granted to
regain compliance if the Company (i) meets the continued listing
requirement for market value of publicly held shares and all
other initial listing standards for The Nasdaq Capital Market
(except for the bid price requirement) and (ii) provides written
notice of its intention to cure the deficiency during the second
180-day compliance period.
On April 6, 2017, the Company provided such notice to Nasdaq
requesting an additional 180 calendar day period to regain
compliance with the minimum bid price requirement, and announcing
its intention to regain compliance during this period by
effecting a reverse stock split, if necessary.
On April 11, 2017, the Company received a letter from Nasdaq
notifying the Company that the Company has been granted an
additional 180 calendar days, or until October 9, 2017, to regain
compliance with the minimum bid price of $1.00 per share required
for continued listing on The Nasdaq Capital Market to the Rule.
If at any time before October 9, 2017, the bid price of the
Companys common stock closes at or above $1.00 per share for a
minimum of 10 consecutive business days, Nasdaq will provide
written notification that the Company has achieved compliance
with the Rule.
If compliance with the Rulecannot be demonstrated by October 9,
2017, Nasdaq will provide written notification that the Companys
common stock will be delisted. At that time, the Company may
appeal Nasdaqs determination to a Hearings Panel.
| Item 8.01 | Other Events. |
On April 12, 2017, the Company issued a press release announcing
that Nasdaq granted the Company an additional 180 calendar day
period to regain compliance with the minimum bid price
requirement. A copy of the press release is attached to this
Current Report on Form 8-K as Exhibit 99.1 and is incorporated
herein by reference.
| Item 9.01 | Financial Statements and Exhibits. |
(d)Exhibits
| Exhibit Number | Description | |
| 99.1 | Press release dated April 12, 2017. |
About Alliqua BioMedical, Inc. (NASDAQ:ALQA)
Alliqua BioMedical, Inc. is a provider of advanced wound care solutions. The Company’s businesses include advanced wound care and contract manufacturing. The Company operates through its subsidiaries, such as AquaMed Technologies, Inc. and Choice Therapeutics, Inc. The Company is engaged in developing a suite of advanced wound care solutions that will enable surgeons, clinicians and wound care practitioners to address the challenges in chronic and acute wounds. The Company utilizes hydrogel technology through which hydrogels are manufactured by introducing a hydrophilic polymer into water to create a feed mix. The Company’s commercial wound care portfolio consists of over four product categories, such as Human Biologics; Antimicrobial Protection; Exudate Management and Contract Manufacturing. Human Biologics include BIOVANCE and Extracellular Matrix (ECM). Under Antimicrobial Protection, the Company offers TheraBond 3D Antimicrobial Barrier Systems and SilverSeal. Alliqua BioMedical, Inc. (NASDAQ:ALQA) Recent Trading Information
Alliqua BioMedical, Inc. (NASDAQ:ALQA) closed its last trading session down -0.017 at 0.430 with 302,461 shares trading hands.