On September 6, 2017, MabVax Therapeutics Holdings, Inc. (the “Company”) received a letter from the Listing Qualifications Department of the NASDAQ Capital Market (the “Staff”) notifying the Company that it had not maintained the minimum bid price of $1.00 per share, based on the last 30 consecutive days, as required for continued listing on the NASDAQ Capital Market as set forth in NASDAQ bid price rule 5550(a)(2) (the “Rule”).The Company believes the decline in stock price was largely a result of market forces that have anticipated that the Company will need to raise capital to continue funding the Company’s lead clinical development program for a radioimmunotherapy product designated as MVT-1075.

The Company has been provided 180 calendar days, or until March 5, 2018, to regain compliance with the Rule, which requires that the closing bid price of the Company’s security is at least $1.00 for a minimum of ten consecutive business days.If the Company does not regain compliance with the bid price requirement by March 5, 2018, it may be eligible for an additional 180-day compliance period if it meets the market value of publicly held shares requirement for continued listing, all other initial inclusion requirements for The Nasdaq Capital Market, except for the bid price requirement, and provides written notice that it intends to regain compliance with the bid price requirement during the second 180-day compliance period.

The Company intends to timely regain compliance with the Rule by seeking stockholder approval at a special meeting of stockholders scheduled for September 28, 2017, to implement a reverse stock split; however, there can be no assurance that the stockholders will approve a reverse stock split to regain compliance with the Rule.

In the event the Company does not achieve the minimum bid price during the extension period, and if it appears to the Staff that the Company will not be able to cure the deficiency, or if the Company is otherwise not eligible, then the Staff will provide notice that the Company’s securities will be subject to delisting (a “Delisting Notice”). If the Company receives a Delisting Notice, the Company may appeal the Staff’s determination to delist its securities to a Hearings Panel.

As previously reported on a Current Report on Form 8-K, on August 22, 2017 the Company also received a letter from the NASDAQ Capital Market giving the Company notice that the Company was below the minimum stockholders’ equity of $2,500,000 required for continued listing on the NASDAQ Capital Market as set forth in NASDAQ listing rule 5550(b)(1).

The information disclosed under this Item 7.01, including Exhibit 99.1 hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be incorporated by reference into any registration statement or other document to the Securities Act of 1933, as amended, except as expressly set forth in such filing.

MABVAX THERAPEUTICS HOLDINGS, INC. Exhibit
EX-99.1 2 ex99-1.htm PRESS RELEASE Blueprint   Exhibit 99.1 MabVax Therapeutics Engages Greenhill & Co. as Advisor for Exploring Strategic Alternatives   – Review includes full company sale,…
To view the full exhibit click here

MABVAX THERAPEUTICS HOLDINGS, INC. (NASDAQ:MBVX) Recent Trading Information

MABVAX THERAPEUTICS HOLDINGS, INC. (NASDAQ:MBVX) closed its last trading session 00.000 at 0.480 with 173,229 shares trading hands.