On September 30, 2016, the Company received a notice from The NASDAQ Stock Market (“NASDAQ”) confirming that the Company has regained compliance with the $1.00 minimum bid price requirement for continued listing on The NASDAQ Capital Market.
On June 9, 2016, NASDAQ notified the Company that it was not in compliance with the minimum bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2) (the “Rule”) for continued listing on the NASDAQ Capital Market. The Rule requires that listed securities maintain a minimum bid price of $1.00 per share. The Company was provided 180 calendar days, or until December 6, 2016, in which to regain compliance with the Rule. On September 30, 2016, NASDAQ confirmed to the Company that, as a result of the Company’s common stock closing with a bid price of at least $1.00 for at least ten consecutive days, the Company has come into compliance with the Rule and the matter is now closed.