PROVECTUS BIOPHARMACEUTICALS, INC. (OTCMKTS:PVCT) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
Item3.01.
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Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. |
On November23, 2016, Provectus Biopharmaceuticals, Inc. (the
Company) received notice from NYSE MKT LLC (the NYSE MKT) stating
that the Company is not in compliance with the Exchanges
continued listing standards. Specifically, the Company is not in
compliance with Section1003(a)(iii) of the NYSE MKT Company Guide
(requiring stockholders equity of $6.0 million or more if the
Company has reported losses from continuing operations and/or net
losses in its five most recent fiscal years). As of September30,
2016, the Company had stockholders equity of approximately $5.3
million. Accordingly, the Company has become subject to the
procedures and requirements of Section1009 of the NYSE MKT
Company Guide and must submit a plan of compliance by December23,
2016, addressing how the Company intends to regain compliance
with Section1003(a)(iii) by May23, 2018.
As previously reported in the Companys Current Report on Form 8-K
filed with the Commission on October18, 2016, the Company was
previously notified by NYSE MKT that NYSE Regulation had
determined to suspend trading and commence proceedings to delist
both the Companys common stock and class of warrants with an
exercise price of $0.85 per share expiring June19, 2020 (the
Listed Warrants) from the NYSE MKT. The decision was reached by
the NYSE MKT under Section1003(f)(v) of the NYSE MKT Company
Guide, due to the abnormally low trading price of the shares of
the Companys common stock. The Companys common stock and Listed
Warrants currently trade on the OTCQB under the symbols PVCT and
PVCTWS, respectively. The Company is appealing the NYSE MKT
decision to commence delisting procedures. On October20, 2016,
the Company submitted a request for a review of such delisting
determination, and on November10, 2016, the Company submitted to
the Listing Qualifications Panel the Companys written submission
in connection with its appeal.
The Company currently intends to submit a plan to NYSE MKT by
December23, 2016 advising how the Company plans to regain
compliance with the continued listing standards by May23, 2018.
If the Company does not submit a plan or if the plan is not
accepted, NYSE Regulation will take action to cite the Companys
noncompliance with Section1003(a)(iii) of the NYSE MKT Company
Guide as an additional basis for delisting. If the plan is
accepted, the Company will be subject to periodic reviews and
continued compliance with the plan. If the Company is not in
compliance with the continued listing standards as of May23,
2018, or does not make progress consistent with the plan, NYSE
MKT will initiate delisting proceedings.
This Current Report on Form 8-K contains forward-looking
statements that are subject to various assumptions, risks and
uncertainties. The Company believes that its expectations, as
expressed in these statements are based on reasonable assumptions
regarding the risks and uncertainties inherent in achieving those
expectations. These statements are not, however, guarantees of
performance and actual results may differ materially. Risks and
uncertainties which may cause actual results to be different than
expressed or implied in our forward-looking statements include,
but are not limited to, the risk factors described under the
heading Risk Factors in our Annual Report on Form 10-K and our
Quarterly Reports on Form 10-Q. The Company expressly disclaims
any current intention to update any forward-looking statement as
a result of new information or future events or developments.
| Item7.01. | Regulation FD Disclosure. |
On November30, 2016, the Company issued a press release
announcing the Companys receipt of the notice of noncompliance
with NYSE MKT continued listing standards, as described in
Item3.01 of this Current Report on Form 8-K. A copy of the press
release is attached hereto as Exhibit 99.1 and is incorporated
herein by reference.
to the rules and regulations of the Commission, the information
in this Item7.01 disclosure, including Exhibit 99.1 and
information set forth therein, is deemed to have been furnished
and shall not be deemed to be filed under the Securities Exchange
Act of 1934, as amended.
| Item9.01. | Financial Statements and Exhibits. |
| (d) | Exhibits. |
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Exhibit Number |
Description |
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| 99.1 | Press Release, dated November 30, 2016 |
About PROVECTUS BIOPHARMACEUTICALS, INC. (OTCMKTS:PVCT)
Provectus Biopharmaceuticals, Inc. is a development-stage biopharmaceutical company. The Company is engaged in developing pharmaceuticals for oncology and dermatology indications. The Company is focused on developing its prescription drug candidates, PV-10 and PH-10. It is developing PV-10 for treatment of several life threatening cancers, including metastatic melanoma, liver cancer and breast cancer. It is developing PH-10 to provide minimally invasive treatment of chronic severe skin afflictions, such as psoriasis and atopic dermatitis, a type of eczema. In addition to clinical trials, patients enrolled in the expanded access or compassionate use program for PV-10 are also receiving PV-10 treatments for cutaneous and subcutaneous cancer indications. The Company also focuses on over-the-counter (OTC) products and various other non-core technologies. PV-10 is a sterile injectable form of rose bengal disodium (Rose Bengal), for direct injection into tumors. PROVECTUS BIOPHARMACEUTICALS, INC. (OTCMKTS:PVCT) Recent Trading Information
PROVECTUS BIOPHARMACEUTICALS, INC. (OTCMKTS:PVCT) closed its last trading session up +0.0007 at 0.0158 with 26,314,441 shares trading hands.