DELMAR PHARMACEUTICALS, INC. (NASDAQ:DMPI) Files An 8-K Other Events
Item 8.01 Other Events.
On March 25, 2020, DelMar Pharmaceuticals, Inc. (the “Company”) received written notice from the Listing Qualifications Department of The Nasdaq Capital Market LLC (“Nasdaq”) confirming the Company’s eligibility for continued listing of its common stock on Nasdaq to an extension through September 21, 2020, subject to the condition that the Company shall have demonstrated a closing bid price of $1.00 per share, or more, for a minimum of ten consecutive business days by September 21, 2020. In order to meet such compliance of the $1.00 per share bid price, we may need to consummate a reverse stock split in order to achieve such stock price.
There can be no assurance that the Company will be able to regain compliance and if we are unable to regain compliance with the minimum closing bid price requirement by September 21, 2020, or if we fail to meet any of the other continued listing requirements, our securities may be delisted from Nasdaq, which could reduce the liquidity of our common stock materially and result in a corresponding material reduction in the price of our common stock. In addition, delisting could harm our ability to raise capital through alternative financing sources on terms acceptable to us, or at all, and may result in the potential loss of confidence by investors, employees and business development opportunities. Such a delisting likely would impair your ability to sell or purchase our common stock when you wish to do so. Further, if we were to be delisted from Nasdaq, our common stock may no longer be recognized as a “covered security” and we would be subject to regulation in each state in which we offer our securities. Thus, delisting from Nasdaq could adversely affect our ability to raise additional financing through the public, or private sale of equity securities, would significantly impact the ability of investors to trade our securities, and would negatively impact the value and liquidity of our common stock.
On March 26, 2020, the Company issued a press release announcing that the Company’s request for continued listing had been granted. A copy of the press release is filed as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein.
Item 9.01 Financial Statements and Exhibits.
|99.1||Press release of DelMar Pharmaceuticals, Inc. issued March 26, 2020|
DelMar Pharmaceuticals, Inc. Exhibit
EX-99.1 2 ea120006ex99-1_delmar.htm PRESS RELEASE OF DELMAR PHARMACEUTICALS,…
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About DELMAR PHARMACEUTICALS, INC. (NASDAQ:DMPI)
DelMar Pharmaceuticals, Inc. is a clinical-stage drug development company. The Company focuses on the treatment of cancer. The Company is engaged in conducting clinical trials in the United States with its product candidate, VAL-083, as a treatment for glioblastoma multiforme (GBM), a form of brain cancer. VAL-083 is being evaluated in a Phase II clinical trial for the treatment of refractory GBM. In addition to its clinical development activities in the United States, the Company has obtained certain commercial rights to VAL-083 in China where it is approved as a chemotherapy for the treatment of chronic myelogenous leukemia (CML) and lung cancer. Its drug discovery research focuses on identifying validated clinical and commercial-stage compounds, and establishing a scientific rationale for development in orphan drug indications. VAL-083 is an alkylating agent, which crosses the blood-brain-barrier (BBB).