moleculin biotech, INC. (NASDAQ:MBRX) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
Item 3.01. Notice of Delisting or Failure to Satisfy a Continued
Listing Rule or Standard; Transfer of Listing.
On May 18, 2017, Moleculin Biotech, Inc. (the Company) received a
deficiency letter from the Listing Qualifications Department (the
Staff) of the Nasdaq Stock Market (Nasdaq) notifying the Company
that for the last 30 consecutive business days the bid price for
the Companys common stock had closed below the minimum $1.00 per
share requirement for continued inclusion on the Nasdaq Capital
Market to Nasdaq Listing Rule 5550(a)(2) (the Bid Price Rule).
The deficiency letter does not result in the immediate delisting
of the Companys common stock from the Nasdaq Capital Market.
In accordance with Nasdaq Listing Rule 5810(c)(3)(A) (the
Compliance Period Rule), the Company has been provided an initial
period of 180 calendar days, or until November 14, 2017 (the
Compliance Date), to regain compliance with the Bid Price Rule.
If, at any time before the Compliance Date, the bid price for the
Companys common stock closes at $1.00 or more for a minimum of 10
consecutive business days as required under the Compliance Period
Rule, the Staff will provide written notification to the Company
that it complies with the Bid Price Rule, unless the Staff
exercises its discretion to extend this 10 day period to Nasdaq
Listing Rule 5810(c)(3)(F).
If the Company is not in compliance with the Bid Price Rule by
November 14, 2017, the Company may be afforded a second 180
calendar day period to regain compliance. To qualify, the Company
would be required to meet the continued listing requirement for
market value of publicly held shares and all other initial
listing standards for The Nasdaq Capital Market, except for the
minimum bid price requirement. In addition, the Company would be
required to notify Nasdaq of its intent to cure the minimum bid
price deficiency, which may include, if necessary, implementing a
reverse stock split.
If the Company does not regain compliance with the Bid Price Rule
by the Compliance Date and is not eligible for an additional
compliance period at that time, the Staff will provide written
notification to the Company that its common stock may be
delisted. The Company would then be entitled to appeal the Staffs
determination to a NASDAQ Listing Qualifications Panel and
request a hearing. There can be no assurance that, if the Company
does appeal the delisting determination by the Staff to the
NASDAQ Listing Qualifications Panel, that such appeal would be
successful.
The Company intends to monitor the closing bid price of its
common stock and may, if appropriate, consider available options
to regain compliance with the Bid Price Rule, which could include
effecting a reverse stock split. However, there can be no
assurance that the Company will be able to regain compliance with
the Bid Price Rule.
About moleculin biotech, INC. (NASDAQ:MBRX)
Moleculin Biotech, Inc. is a preclinical and clinical-stage pharmaceutical company. The Company is focused on the development of anti-cancer drug candidates. Its lead drug candidate is liposomal Annamycin, which it refers to as Annamycin, an anthracycline intended for the treatment of relapsed or refractory acute myeloid leukemia (AML). Annamycin is a Phase II clinical-stage anthracycline and liposome formulated anthracycline that has been designed to eliminate cardiotoxicity and avoid the multidrug resistance mechanisms. It has over two other drug development projects in progress, one involving a portfolio of small molecules, which it refers to as the WP1066 Portfolio, focused on the modulation of key oncogenic transcription factors involved in the progression of cancer, and the WP1122 Portfolio, a suite of molecules targeting the metabolic processes involved in cancer in general, and glioblastoma. As of September 30, 2016, it had not generated any revenue from its operations. moleculin biotech, INC. (NASDAQ:MBRX) Recent Trading Information
moleculin biotech, INC. (NASDAQ:MBRX) closed its last trading session up +0.015 at 0.770 with 40,804 shares trading hands.