Heron Therapeutics, Inc. (NASDAQ:HRTX) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
Item 3.01.
The disclosure set forth below in the second paragraph of Item 8.01 is incorporated herein by reference.
Effective on July 15, 2019, the Board of Directors (the Board) of Heron Therapeutics, Inc. (the Company) appointed John Poyhonen as Executive Vice President, Chief Commercial Officer for the Company. In connection with his appointment to this position, Mr. Poyhonen tendered his resignation as a member of the Audit Committee of the Board (the Audit Committee) and the Compensation Committee of the Board. Mr. Poyhonen will remain as a member of the Board.
On July 15, 2019, the Company notified The Nasdaq Stock Market (Nasdaq) that, due to Mr. Poyhonens resignation from the Audit Committee, the Company would no longer continue to satisfy the requirements of Nasdaq Listing Rule 5605(c)(2)(A), which requires the audit committee of a Nasdaq-listed company to have a minimum of three members, each of whom satisfies the independence requirements set forth in Nasdaq Listing Rule 5605(a)(2). In the Companys notice to Nasdaq, the Company also informed Nasdaq that it intends to rely upon the cure period provided by Nasdaq Listing Rule 5605(c)(4)(B), which provides a cure period of up to one year to regain compliance with Listing Rule 5605(c)(2)(A). The Company is currently searching for an independent director to join the Companys Board and Audit Committee. On July 16, 2019, the Company received a letter from Nasdaq confirming its noncompliance with Listing Rule 5605(c)(2)(A) because its Audit Committee is not currently composed of three independent directors.
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