Egalet Corporation (NASDAQ:EGLT) 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 Ruleor Standard; Transfer of Listing.
On March8, 2018, Egalet Corporation (the “Company”) received a notice from The Nasdaq Stock Market (“Nasdaq”) that the Company is not in compliance with Nasdaq’s Listing Rule5450(a)(the “Rule”), as the closing bid price of the Company’s common stock had been below $1.00 for the previous 30 consecutive business days. The notification of noncompliance has no immediate effect on the listing or trading of the Company’s common stock on the Nasdaq Global Market under the symbol “EGLT”.
The Company has 180 days, or until September4, 2018, to achieve compliance with the minimum closing bid price requirement. To regain compliance, the closing bid price of the Company’s common stock must meet or exceed $1.00 for a minimum of ten consecutive business days during this 180-day grace period. In the event that the Company does not regain compliance with the Ruleprior to the expiration of the grace period, it the Company expects to receive written notification that its common stock is subject to delisting, in which case the Company may either apply for listing on The NASDAQ Capital Market, provided it meets the continued listing requirements of that market, or appeal the decision to a NASDAQ Hearings Panel (the “Panel”). In the event of an appeal, the Company’s common stock would remain listed on The NASDAQ Global Market pending a decision by the Panel following the hearing.
As previously disclosed by the Company, on November24, 2017, Nasdaq notified the Company that the market value of the Company’s common stock had been below $50 million minimum for 30 consecutive business days in violation of the Nasdaq’s Listing Rule5450(b)(2)(A). In accordance with NASDAQ Marketplace Rule5810(c)(3)(A), the Company was provided 180 calendar days, or until May23, 2018, to regain compliance. The Company is currently evaluating its options for regaining compliance with both rules.