RITTER PHARMACEUTICALS, INC. (NASDAQ:RTTR) 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 June 7, 2017, Ritter Pharmaceuticals, Inc. (the Company)
received a letter (the Notice) from The Nasdaq Stock Market
(Nasdaq) notifying the Company that, because the closing bid
price for its common stock has been below $1.00 per share for 30
consecutive business days, it no longer complies with the minimum
bid price requirement for continued listing on The Nasdaq Capital
Market. Nasdaq Listing Rule 550(a)(2) requires listed securities
to maintain a minimum bid price of $1.00 per share (the Minimum
Bid Price Requirement), and Listing Rule 5810(c)(3)(A) provides
that a failure to meet the Minimum Bid Price Requirement exists
if the deficiency continues for a period of 30 consecutive
business days.
The Notice has no immediate effect on the listing of the common
stock on The Nasdaq Capital Market. to Nasdaq Marketplace Rule
5810(c)(3)(A), the Company has been provided an initial
compliance period of 180 calendar days, or until December 4, 2017
to regain compliance with the Minimum Bid Price Requirement.
During the compliance period, the Companys shares of common stock
will continue to be listed and traded on The Nasdaq Capital
Market. To regain compliance, the closing bid price of the
Companys common stock must meet or exceed $1.00 per share for a
minimum of 10 consecutive business days during the 180 calendar
day grace period.
In the event the Company is not in compliance with the Minimum
Bid Price Requirement by December 4, 2017 the Company may be
afforded a second 180 calendar day grace period. To qualify, the
Company would be required to meet the continued listing
requirements for market value of publicly held shares and all
other initial listing standards for The Nasdaq Capital Market,
with the exception of the Minimum Bid Price Requirement. In
addition, the Company would be required to provide written notice
of its intention to cure the minimum bid price deficiency during
this second 180 day compliance period by effecting a reverse
stock split, if necessary.
The Company intends to actively monitor the bid price for its
common stock between now and December 4, 2017 and will consider
available options to regain compliance with the Minimum Bid Price
Requirement.
About RITTER PHARMACEUTICALS, INC. (NASDAQ:RTTR)
Ritter Pharmaceuticals, Inc. develops therapeutic products that modulate the human gut microbiome to treat gastrointestinal diseases. The Company’s segment is focusing on the development and commercialization of RP-G28. The Company conducts human gut health research by exploring metabolic capacity of the gut microbiota and translating the functionality of prebiotic-based therapeutics into applications intended to have impact on a patient’s health. The Company’s compound, RP-G28, is under development for the treatment of lactose intolerance. The Company has completed a Phase IIa clinical trial of its product candidate, RP-G28, an orally administered oligosaccharide. RP-G28 is designed to stimulate the growth of lactose-metabolizing bacteria in the colon. The Company has not generated any revenues.