Arcadia Biosciences, Inc. (NASDAQ:RKDA) 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 Continued Listing Rule or Standard; Transfer of Listing.
On May 25, 2017, Arcadia Biosciences, Inc. (the “Company”) received a letter from the Listing Qualifications Department of the Nasdaq Stock market (“Nasdaq”) notifying the Company that it no longer is in compliance with Nasdaq Listing Rule 5450(b)(1)(C) because the market value of the Company’s publicly held shares has fallen below the $5.0 million minimum requirement for continued listing on the NASDAQ Global Market for a period of at least 30 consecutive business days. Nasdaq calculates publicly held shares by subtracting from the total shares of common stock outstanding any shares held by officers, directors or any person who beneficially owns more than 10% of the total shares outstanding.
In accordance with Nasdaq Listing Rule 5810(c)(3)(D), the Company has a grace period of 180 calendar days, until November 21, 2017, to regain compliance with Nasdaq Listing Rule 5450(b)(1)(C). Compliance can be achieved by meeting the $5.0 million minimum requirement for market value of publicly held shares for a minimum of 10 consecutive business days during the 180-day compliance period.
As previously disclosed in its Current Report on Form 8-K filed with the Securities and Exchange Commission on February 17, 2017, the Company previously received a letter on February 14, 2017 from Nasdaq notifying the Company that for the preceding 30 consecutive business days the Company’s common stock did not maintain a minimum closing bid price of $1.00 per share as required by Nasdaq Listing Rule 5450(a)(1). In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has a grace period of 180 calendar days, until August 14, 2017, to regain compliance with Nasdaq Listing Rule 5450(a)(1).
If the Company does not regain compliance with Nasdaq Listing Rules 5450(b)(1)(C) and 5450(a)(1) by the end of either of the respective 180 day grace periods, Nasdaq will notify the Company that its common stock is subject to delisting. In the event that the Company receives a notice of delisting, Nasdaq rules permit the Company to appeal the delisting determination to a Nasdaq Hearings Panel. Alternatively, the Company may apply to transfer the listing of its common stock to The Nasdaq Capital Market if it satisfies certain listing criteria for The Nasdaq Capital Market.
The Company currently is considering available options to resolve the deficiency and regain compliance with Nasdaq’s minimum requirements for market value of publicly held shares and bid price.
About Arcadia Biosciences, Inc. (NASDAQ:RKDA)
Arcadia Biosciences, Inc. is an agricultural biotechnology trait company. The Company develops a portfolio of yield and traits addressing multiple crops that supply the global food and feed markets. It has a pipeline of products in development incorporating its traits, including products that are in advanced stages of development or on the market. Its crop yield traits are utilized by its partners to develop higher yielding seeds for global crops, including wheat, rice, soybean, corn, and sugarcane, as well as for other crops, such as cotton, turf and trees. The Company’s portfolio of agricultural productivity traits includes Nitrogen Use Efficiency (NUE), Water Use Efficiency (WUE), Drought Tolerance (DT), Salinity Tolerance (ST) and Herbicide Tolerance. It has presence in the United States, Africa, India, the United Arab Emirates, Belgium, France and Canada. Arcadia Biosciences, Inc. (NASDAQ:RKDA) Recent Trading Information
Arcadia Biosciences, Inc. (NASDAQ:RKDA) closed its last trading session down -0.021 at 0.700 with 3,594 shares trading hands.