Simulations Plus, Inc. (NASDAQ:SLP) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
Item 3.01Notice of Delisting or Failure to Satisfy a Continued
Listing Rule or Standard; Transfer of Listing
As previously reported by Simulations Plus, Inc., a California
corporation (the Company), on a Current Report on Form 8-K, filed
by the Company with the Securities and Exchange Commission on
December 1, 2016, on November 28, 2016, after 20 years of service
as director of the Company, Dr. David DArgenio retired from his
position as an independent director of the Company. Dr. DArgenio
has served the Company well and will be greatly missed for his
insight into the pharmaceutical industry and his understanding of
modeling and simulation. The Board of Directors of the Company
has begun a search for a suitable replacement and intends on
spending the appropriate amount of time to find a candidate with
the appropriate background and insight into the software and
pharmaceutical sciences industry.
As a result of Dr. DArgenios resignation, the Company currently
has only 2 independent directors serving on its Board of
Directors and only 2 independent directors on the Audit Committee
of the Board of Directors, and therefore it currently does not
comply with NASDAQs independent director and audit committee
requirements set forth in Listing Rule 5605. On December 7, 2016,
the Company received notice from Nasdaq that due to Dr. DArgenios
resignation, the Company currently does not comply with Nasdaqs
independent director and audit committee requirements set forth
in Listing Rule 5605. On December 7, 2016, the Company notified
Nasdaq that the Company would likely not meet the two week
replacement deadline for an independent director, and consistent
with Listing Rules 5605(b)(1)(A) and 5605(c)(4), Nasdaq has
granted the Company a cure period of six months until no later
than May 30, 2017 (as the Companys annual shareholders meeting is
prior to such date), to provide evidence of compliance with
Nasdaqs listing requirements.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
This Current Report on Form 8-K may contain forward-looking
statements that are made to the safe harbor provisions of Section
21E of the Exchange Act. The forward-looking statements in this
Current Report on Form 8-K are not historical facts, do not
constitute guarantees of future performance and are based on
numerous assumptions which, while believed to be reasonable, may
not prove to be accurate. Any forward-looking statements in this
Current Report on Form 8-K do not constitute guarantees of future
performance and involve a number of factors that could cause
actual results to differ materially. The Company assumes no
obligation to update any forward-looking information contained in
this Current Report or with respect to the announcements
described herein.
About Simulations Plus, Inc. (NASDAQ:SLP)
Simulations Plus, Inc. (Simulations Plus) develops and produces software for use in pharmaceutical research and for education, and provides consulting and contract research services to the pharmaceutical industry. The Company offers five software products for pharmaceutical research. ADMET (Absorption, Distribution, Metabolism, Excretion and Toxicity) Predictor is a computer program that takes molecular structures as inputs and predicts over 140 different properties for them at the rate of about 200,000 compounds per hour. MedChem Designer includes a small set of ADMET Predictor property predictions, allowing the chemist to modify molecular structures. MedChem Studio is a tool for medicinal and computational chemists for both data mining and for designing new drug-like molecules. DDDPlus simulates in-vitro laboratory experiments used to measure the rate of dissolution of the drug. GastroPlus simulates the absorption, pharmacokinetics, and pharmacodynamics of drugs. Simulations Plus, Inc. (NASDAQ:SLP) Recent Trading Information
Simulations Plus, Inc. (NASDAQ:SLP) closed its last trading session down -0.25 at 9.35 with 27,254 shares trading hands.