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. |
On January 4, 2017, Immune Pharmaceuticals, Inc. (the
Company) received a letter from The Nasdaq Stock Market
LLC (the Nasdaq) Listing Qualifications Staff (the
Staff) stating that the Staff has determined to delist
the Companys securities from The Nasdaq Capital Market because
the Company is not in compliance with the $1.00 minimum bid price
requirement for continued listing set forth in the Nasdaq Listing
Rule 5550(a)(2) (the Minimum Bid Price Requirement),
unless the Company timely requests a hearing before the Nasdaqs
Hearings Panel (thePanel) by January 11, 2017.
The Company intends to timely request such a hearing before the
Panel, and such request will stay any delisting action by the
Staff. At the hearing, the Company will present its plan to
regain compliance with the requirements for continued listing on
the Nasdaq. The Company is considering several paths to regain
compliance with the Minimum Bid Price Requirement, including,
among other things, a reverse stock split. As previously
disclosed, the Companys stockholders approved a reverse stock
split of the Companys common stock at a ratio within a range of
1-for-2 and 1-for-25, to be determined by the Companys Board of
Directors in its sole discretion and effected, if at all, on or
before December 15, 2017.
The Company previously disclosed in a Current Report on Form 8-K,
filed on January 11, 2016, that the Staff notified the Company
that it no longer satisfied the Minimum Bid Price Requirement and
had been provided a 180-calendar day grace period, or until July
5, 2016, to regain compliance. On July 6, 2016, the Company
disclosed in a Current Report on Form 8-K that it was provided an
additional 180 calendar day extension, or until January 3, 2017,
to demonstrate compliance. The Company did not evidence
compliance with the Minimum Bid Price Requirement by that date.
On January 9, 2017, the Company issued a press release relating
to the matters set forth above. A copy of the press release is
filed with this Form 8-K and is attached hereto as Exhibit 99.1.
Forward-Looking Statements
This Report on Form 8-K contains forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933
and Section 21E of the Securities Exchange Act of 1934. Such
forward-looking statements are characterized by future or
conditional verbs such as may, will, expect, intend, anticipate,
believe, estimate, continue and similar words. Such statements
are only predictions and actual events or results may differ
materially from those anticipated in these forward-looking
statements. However, there may be events or results in the future
that we are not able to accurately predict or control. Factors
that may cause such differences include, but are not limited to,
those discussed under Item 1A. Risk Factors and elsewhere in the
Company’s Form 10-K for the year ended December 31, 2015, as
filed with the U.S. Securities and Exchange Commission, as well
as the risks and uncertainties related to the actions and
decisions of Nasdaq. You should not place undue reliance on any
forward-looking statements. The Company does not assume any
obligation to update forward-looking statements as circumstances
change, except as required by securities laws. There can be no
assurance that following the hearing, the Panel will determine to
continue to allow the listing of the Companys common stock on the
Nasdaq or that the Company will be able to evidence compliance
with the applicable listing criteria within the period of time,
if any, that may be granted by the Panel.
| Item 9.01. | Financial Statements and Exhibits. |
| (d) | Exhibits |
| 99.1 | Press release, dated January 9, 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 up +0.007 at 0.190 with 5,762,594 shares trading hands.
