Neuralstem, Inc. (NASDAQ:CUR) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of ListingItem 3.01
On November 28, 2016, Neuralstem, Inc. (the “Company”) received a written notification (the “Notice”) from The NASDAQ Stock Market LLC ("Nasdaq") indicating that the Company is not in compliance with Nasdaq Listing Rule 5550(b)(2), as the Company’s market value of listed securities (“MVLS") was below $35 million for the previous 30 consecutive business days. The Notice has no immediate effect on the listing of the Company’s common stock, and its common stock will continue to trade on The Nasdaq Capital Market under the symbol “CUR.”
In accordance with Nasdaq Listing Rule 5810(c)(3)(C), the Company has a period of 180 calendar days, or until May 30, 2017, to regain compliance with the minimum MVLS requirement. To regain compliance, the Company’s MVLS must close at $35 million or more for a minimum of 10 consecutive business days during the 180 calendar day compliance period.
The Company intends to monitor its MVLS between now and May 30, 2017, and will consider and evaluate all available options to evidence compliance with the MVLS requirement as may be necessary. There can be no assurance that the Company will be able to regain compliance with the MLVS requirement or will otherwise be in compliance with other Nasdaq listing criteria. If we do not regain compliance with the MVLS requirement prior to the expiration of the compliance period, the Company may appeal any delisting determination to a Nasdaq Hearings Panel (“Panel”).
Additionally, the Company previously disclosed via a Current Report on Form 8-K on April 22, 2016, that on April 20, 2016 it received a written notice from Nasdaq indicating that the Company is not in compliance with Nasdaq Listing Rule 5550(a)(2), as the bid price of its common stock was below $1.00 per share for 30 consecutive business days. The Company had until October 17, 2016 to regain compliance with the minimum bid price requirement, subject to extensions as more fully discussed in the Current Report filed on April 22, 2016. Since the Company did not regain compliance with the minimum bid price requirement by such date, the Company received notice from the Nasdaq Listing Qualifications Staff (“Staff”) indicating that the Staff had determined to delist the Company’s securities from Nasdaq unless the Company timely requested a hearing from the Panel. The Company timely requested such hearing and at such hearing, it will present its plan to regain compliance with all applicable requirements for continued listing of its common stock on Nasdaq.
About Neuralstem, Inc. (NASDAQ:CUR)
Neuralstem, Inc. (Neuralstem) is a clinical-stage biopharmaceutical company. The Company is engaged in research, development and commercialization of central nervous system therapies based on its human neuronal stem cells and its stem-cell derived small molecule compounds. The Company has approximately three assets: its NSI-189 small molecule program, its NSI-566 stem cell therapy program and its chemical entity screening platform. The Company’s technology allows the commercial-scale production of multiple types of central nervous system stem cells, which are under development for the treatment of central nervous system diseases and conditions. The Company is developing NSI-189 for the treatment of major depressive disorder (MDD) and other psychiatric and/or cognitive impairment indications associated with hippocampal atrophy. The Company’s NSI-566 is indicated for amyotrophic lateral sclerosis (ALS), chronic spinal cord injury and motor deficits due to ischemic stroke. Neuralstem, Inc. (NASDAQ:CUR) Recent Trading Information
Neuralstem, Inc. (NASDAQ:CUR) closed its last trading session down -0.003 at 0.281 with 488,102 shares trading hands.
