BIOSTAGE, INC. (NASDAQ:BSTG) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
Item 3.01.
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Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. |
As previously disclosed, Biostage, Inc. (the Company) received
written notice from the Listing Qualifications Staff (the Staff)
of The NASDAQ Stock Market LLC (Nasdaq) on November 18, 2016,
indicating that the Company no longer satisfied Nasdaq Listing
Rule 5550(a)(2) (the Bid Price Rule), which requires an issuer to
maintain a closing bid price of at least $1.00 per share, as the
bid price for the Companys common stock had closed below $1.00
per share for the prior 30 consecutive business days. In
accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company
was granted a grace period of 180 days, through May 17, 2017, to
regain compliance with the Bid Price Rule.
On May 22, 2017, the Company issued a press release announcing
that the Staff had notified the Company by letter dated May 18,
2017, that based upon the Companys continued non-compliance with
the Bid Price Rule as of May 17, 2017, as well as the Companys
non-compliance with the minimum $2.5 million stockholders equity
requirement for continued listing on The Nasdaq Capital Market,
as set forth in Nasdaq Listing Rule 5550(b)(1) (the Stockholders
Equity Rule), as of March 31, 2017, the Companys common stock
would be subject to delisting from Nasdaq unless the Company
timely requests a hearing before the Nasdaq Hearings Panel (the
Panel).
The Company plans to timely request a hearing before the Panel,
which request will stay any delisting action by the Staff at
least pending the issuance of the Panels decision following the
hearing and the expiration of any extension period that may be
granted by the Panel. At the hearing, the Company will present
its plan to evidence compliance with the Bid Price and
Stockholders Equity Rules and request an extension of time within
which to do so. The Panel has the discretion to grant the Company
an extension through no later than November 14, 2017. The
Companys common stock will continue to trade on Nasdaq under the
symbol BSTG at least pending the ultimate conclusion of the
hearing process.
There can be no assurances that the Panel will grant the Companys
request for continued listing or that the Company will be able to
evidence compliance with all applicable requirements for
continued listing on The Nasdaq Capital Market within any
extension of time that may be granted by the Panel.
The full text of the press release is filed as Exhibit 99.1 to
this Current Report on Form 8-K.
| Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits.
| Exhibit Number | Title | |
| 99.1 | Press Release issued by Biostage, Inc. on May 22, 2017. |
About BIOSTAGE, INC. (NASDAQ:BSTG)
Biostage, Inc., formerly Harvard Apparatus Regenerative Technology, Inc., is a biotechnology company. The Company is engaged in developing bioengineered organ implants based on its Cellframe technology. Its Cellframe technology consists of a biocompatible scaffold that is seeded with the recipient’s own cells. It is developing its Cellframe technology to treat life-threatening conditions of the esophagus, trachea or bronchus that are caused due to cancer, infection, trauma or congenital abnormalities. Its Cellframe technology is engineered to stimulate the body’s signaling pathways and natural healing process to regenerate and restore organ function. Its Cellframe technology platform is used to create organ specific Cellspan implants. Its product candidates are in development and have not yet received regulatory approval for sale anywhere in the world. BIOSTAGE, INC. (NASDAQ:BSTG) Recent Trading Information
BIOSTAGE, INC. (NASDAQ:BSTG) closed its last trading session 00.000 at 0.300 with 383,764 shares trading hands.
