CYTRX CORPORATION (NASDAQ:CYTR) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of ListingItem 9.01
Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On August 22, 2017, CytRx Corporation (the "Company") received a notice from The Nasdaq Stock Market indicating that the Company is not in compliance with the minimum bid price requirement for continued listing set forth in Nasdaq Marketplace Rule 5550(a)(2) (the "Minimum Bid Price Rule"), and as a result the Company's common stock is subject to suspension from trading and delisting from The Nasdaq Capital Market at the opening of business on August 31, 2017, unless the Company appeals Nasdaq's determination to a Hearings Panel in accordance with the Nasdaq Marketplace Rules. The Minimum Bid Price Rule requires that the bid price of the Company's common stock remain above $1.00 for continued inclusion on The Nasdaq Capital Market.
As previously reported, the Company was initially notified on August 24, 2016 that the bid price of its common stock had closed below the minimum bid price for the last 30 consecutive business days. In February 2017, the Company received an extension of 180 calendar days, or until August 21, 2017, to regain compliance with the Minimum Bid Price Rule, but the Company was unable to regain compliance prior to such date.
The Company intends to request an appeal hearing with the Nasdaq Hearings Panel to review the delisting determination. The hearing date will be determined by Nasdaq and should occur within 45 days from the date the Company requests the hearing. A request for a hearing will stay the delisting of the Company's common stock pending the Hearing Panel's decision.
The Company is required to present a plan for regaining compliance with the Minimum Bid Price Rule, which will include the Company's plan to consummate a reverse stock split, which was approved by the Board of Directors and discussed in the Company's preliminary proxy statement filed with the SEC on August 18, 2017 in connection with its upcoming special meeting of stockholders to approve the reverse stock split. The date of the special meeting will be announced in a definitive proxy statement to be mailed to stockholders and filed with the SEC.
The Nasdaq letter stated that at the appeal hearing, the Company "will be asked to provide a plan to regain compliance to the Panel. Accordingly, the Company may wish to consider presenting a plan that includes a discussion of the events that it believes will enable it to regain compliance in this time frame and a commitment to effect a reverse stock split, if necessary."
The Company issued a press release dated August 24, 2017 with respect to the notification from Nasdaq, which is filed as Exhibit 99.1 to this Form 8-K.
Item 9.01Financial Statement and Exhibits.
(d) Exhibits.
|
Exhibit No. |
Description |
|
99.1 |
Press Release issued on August 24, 2017 |
CYTRX CORP ExhibitEX-99.1 2 exh99-1_08242017.htm PRESS RELEASE DATED AUGUST 24,…To view the full exhibit click here
About CYTRX CORPORATION (NASDAQ:CYTR)
CytRx Corporation is a biopharmaceutical research and development company specializing in oncology. The Company is focused on the clinical development of aldoxorubicin, its modified version of the chemotherapeutic agent, doxorubicin. It is engaged in Phase III trials for aldoxorubicin as a therapy for patients with soft tissue sarcoma (STS) whose tumors have progressed after treatment with chemotherapy. It is also involved in evaluating aldoxorubicin in a Phase IIb clinical trial in small cell lung cancer; a Phase II clinical trial in human immunodeficiency virus-related Kaposi’s sarcoma; a Phase II clinical trial in patients with late-stage glioblastoma (brain cancer); a Phase Ib trial in combination with ifosfamide in patients with STS, and a Phase Ib trial in combination with gemcitabine in subjects with metastatic solid tumors. It is engaged in the pre-clinical development for DK049, an anti-cancer drug conjugate that utilizes its Linker Activated Drug Release (LADR) technology.
