IMMUNE PHARMACEUTICALS INC. (NASDAQ:IMNP) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
Item 3.01
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Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. |
As previously disclosed by the Company on a Current Report on
Form 8-K filed with the Securities and Exchange Commission on
January 11, 2016, the Company had received a written notification
from Nasdaq notifying the Company that it had failed to comply
with Listing Rule 5550(a)(2) (the Rule) because the bid price for
the Companys common stock over a period of thirty (30)
consecutive business days prior to such date had closed below the
minimum $1.00 per share requirement for continued listing. In
accordance with Nasdaqs Listing Rule 5810(c)(3)(A), the Company
had a period of 180 calendar days, or until July 5, 2016, to
regain compliance with the Rule. After determining that it would
not be in compliance with the Rule by such date, the Company
notified Nasdaq and applied for an extension of the cure period,
as permitted under the original notification. In response, Nasdaq
afforded the Company an additional 180 calendar day period to
regain compliance with the minimum bid price requirement, as set
forth in the Rule.
In order to regain compliance with the Rule for a minimum of ten
consecutive business days, the Company affected a reverse stock
split and began trading at a price of at least $1.00 per share.
As of the date of this Current Report, the Companys common stock
has traded above the minimum required closing bid price for ten
(10) consecutive days before the expiration of the grace period.
On May 24, 2017 the Company received written confirmation from
Nasdaq that it has regained compliance with the Rule.
As previously reported by the Company on April 24, 2017, and as
noted in the same May 24th notification letter issued
by Nasdaqs Hearing Panel (the Panel), the Company was further
notified of additional deficiencies on April 18, 2017 and May 23,
2017, due to its failure to timely file its Form 10-K for the
year ended December 31, 2016 and its Form 10-Q for the period
ended March 31, 2017. On May 10, 2017, the Company provided a
submission to the Panel explaining the reason for the late
filings and asking that the Panel extend its listing through June
15, 2017. The Panel delayed a decision on that issue until after
May 17, 2017, the date by which the Company represented it would
file its delinquent Form 10-K. The Company did file the
delinquent annual report on May 17, 2017, as acknowledged by the
Panel, and informed the Panel shortly thereafter that it was on
target to file the late Form 10-Q and regain compliance with the
filing rule by June 15, 2017.
Accordingly, the Panel has determined to continue the listing of
the Companys securities, subject to compliance by the Company to
file its first quarter Form 10-Q on or before June 15, 2017 with
the Securities and Exchange Commission and to report to the Panel
that it is current in its filing obligations.
On May 26, 2017, the Company issued a press release announcing
compliance with the Rule, as well as notification of its filing
of its Annual Report on Form 10-K within the time granted by the
Panel, and of its further deficiency with respect to its Form
10-Q report, and the Panels condition to satisfaction by the
Company of this latter deficiency. A copy of the press release is
attached hereto as Exhibit 99.1 and is incorporated herein by
reference.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits.
99.1 Press Release issued by Immune Pharmaceuticals on May 26,
2017.
About IMMUNE PHARMACEUTICALS INC. (NASDAQ:IMNP)
Immune Pharmaceuticals Inc. is a clinical-stage biopharmaceutical company. The Company is engaged in the development and commercialization of targeted therapeutics in the fields of immuno-inflammation and immuno-oncology. The Company’s segment is acquiring, developing and commercializing prescription drug products. Its Immuno-inflammation product pipeline includes bertilimumab, a fully human antibody targeting eotaxin-1, a regulator of immuno-inflammation; a portfolio of immune oncology products, and NanoCyclo, a topical nanocapsule formulation of cyclosporine-A, for the treatment of atopic dermatitis and psoriasis. Its immuno-oncology pipeline includes Ceplene, a small molecule targeting the Histamine-2 Receptor to overcome immunosuppression in Acute Myeloid Leukemia and other malignancies. Azixa and crolibulin are vascular disrupting agents. NanomAbs is a technology platform that allows the targeted delivery of chemotherapeutics into cancer cells. IMMUNE PHARMACEUTICALS INC. (NASDAQ:IMNP) Recent Trading Information
IMMUNE PHARMACEUTICALS INC. (NASDAQ:IMNP) closed its last trading session 00.00 at 2.27 with 79,880 shares trading hands.