Heat Biologics, Inc. (NASDAQ:HTBX) 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 Rule or Standard; Transfer of Listing.
On September 12, 2017, Heat Biologics, Inc. (the “Company”) received written notice from the Listing Qualifications Department of The NASDAQ Stock Market LLC (“NASDAQ”) that it has been granted an extension until March 12, 2018 to regain compliance with the Minimum Bid Price Requirement (as defined below).
As previously reported, on March 15, 2017, the Company received written notice from the NASDAQ notifying the Company that for the preceding 30 consecutive business days (January 31, 2017 through March 14, 2017), the Company’s common stock did not maintain a minimum closing bid price of $1.00 (“Minimum Bid Price Requirement”) per share as required by NASDAQ Listing Rule 5550(a)(2). The notice had no immediate effect on the listing or trading of the Company’s common stock and the common stock continued to trade on The NASDAQ Capital Market under the symbol “HTBX.”
In accordance with NASDAQ Listing Rule 5810(c)(3)(A), the Company was given a compliance period of 180 calendar days, or until September 11, 2017, to regain compliance with NASDAQ Listing Rule 5550(a)(2). Compliance could have been achieved automatically and without further action if the closing bid price of the Company’s stock was at or above $1.00 for a minimum of ten consecutive business days at any time during the initial 180-day compliance period, in which case NASDAQ would consider the matter to be closed.
The Company did not achieve compliance with the Minimum Bid Price Requirement by September 11, 2017; however, NASDAQ determined that the Company was eligible for an additional 180 calendar days, or until March 12, 2018, to regain compliance. NASDAQ’s determination to grant the extension was based on the Company meeting the continued listing requirement for market value of publicly held shares and all other applicable requirements for initial listing on The NASDAQ Capital Market, with the exception of the Minimum Bid Price Requirement, and the Company’s written notice of its intention to cure the deficiency during the second compliance period by effecting a reverse stock split, if necessary.
If at any time during the second compliance period the closing bid price of the Company’s common stock is at least $1 per share for a minimum of ten consecutive business days, NASDAQ will provide written confirmation of compliance and this matter will be closed. If the Company chooses to implement a reverse stock split, it must complete the split no later than ten business days prior to the expiration date in order to timely regain compliance. If compliance cannot be demonstrated by March 12, 2018, NASDAQ will provide written notification that the Company’s common stock will be delisted. At that time, the Company may appeal NASDAQ’s determination to a Hearings Panel.
The Company issued a press release on September 14, 2017 announcing the grant of the extension by NASDAQ. The press release is attached hereto as Exhibit 99.1
Item 9.01Financial Statements and Exhibits.
The following exhibit is filed with this Current Report on Form 8-K:
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Exhibit Number |
Description |
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99.1 |
Press Release of Heat Biologics, Inc. dated September 14, 2017 |
HEAT BIOLOGICS, INC. ExhibitEX-99.1 2 htbx_ex99z1.htm PRESS RELEASE Press Release EXHIBIT 99.1 Heat Biologics Granted 180-day Extension by NASDAQ to Regain Compliance with Listing Requirements DURHAM,…To view the full exhibit click here
About Heat Biologics, Inc. (NASDAQ:HTBX)
Heat Biologics, Inc. is a development-stage company focused on developing allogeneic, off-the-shelf cellular therapeutic vaccines to combat a range of cancers. The Company is an immuno-oncology company, which focuses on T cell-stimulating platform technologies, such as Immune Pan-Antigen Cytotoxic Therapy (ImPACT) and Combination Pan-Antigen Cytotoxic Therapy (ComPACT). Using its ImPACT platform technology, the Company has developed HS-410 (vesigenurtacel-L) as a product candidate to treat non-muscle invasive bladder cancer (NMIBC), and HS-110 (viagenpumatucel-L), which is intended for use in combination with an anti-PD-1 checkpoint inhibitor, as a potential treatment for patients with non-small cell lung cancer (NSCLC). Using its ComPACT platform technology, it has developed HS-120 as a potential treatment for NSCLC. It is conducting a Phase II trial of HS-410 in patients with NMIBC, and a Phase Ib trial of HS-110, in combination with nivolumab (Opdivo) to treat patients with NSCLC.