TEARLAB CORPORATION (NASDAQ:TEAR) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of ListingItem 3.01.
On November 7, 2017, Tearlab Corporation (the “Company”) received a letter (the “Letter”) from The NASDAQ Stock Market LLC (“Nasdaq”) notifying the Company that the Nasdaq Hearings Panel had determined to delist the Company’s securities from The Nasdaq Capital Market due to the Company’s failure to regain compliance with Nasdaq Listing Rule 5550(b), which requires an issuer to maintain a minimum market value of listed securities (“MVLS”) of $35 million or, in the alternative, $2.5 million in stockholders’ equity.
As previously disclosed in a Current Report on Form 8-K filed on November 10, 2016, on November 8, 2016, the Company received notice from Nasdaq indicating that the Company did not satisfy Nasdaq Listing Rule 5550(b)(2), insofar as the Company’s MVLS had closed below $35 million for the previous 30 consecutive business days. As previously disclosed in a Current Report on Form 8-K filed on May 15, 2017, on May 10, 2017, the Company received notice from Nasdaq indicating that the Company’s securities would be subject to delisting from The Nasdaq Capital Market based upon the Company’s continued non-compliance with Nasdaq Listing Rule 5550(b)(2) unless the Company requested a hearing before a Nasdaq Hearings Panel. Following the hearing, the Nasdaq Hearings Panel granted the Company an additional extension through November 6, 2017 to demonstrate that it had regained compliance with all applicable listing requirements.
Based on the foregoing, trading in the Company’s securities will be suspended on The Nasdaq Capital Market effective at the open of business on November 9, 2017. At that time, it is expected that trading and quotation will commence on the OTCQX Market operated by OTC Market Group, Inc. under the symbol TEAR. The delisting will become formally effective after all applicable appeal and review periods have elapsed and Nasdaq has filed a Form 25 with the SEC, which will remove the Company from listing and registration on The Nasdaq Capital Market and effectuate the deregistration of its common stock under Section 12(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Company will continue to file periodic reports with the SEC to the requirements of Section 12(g) of Exchange Act.
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About TEARLAB CORPORATION (NASDAQ:TEAR)
TearLab Corporation is an in-vitro diagnostic company. The Company has commercialized a tear testing platform, the TearLab Osmolarity System, which enables eye care practitioners to test for sensitive and specific biomarkers using nanoliters of tear film at the point-of-care. The Company, through its subsidiary TearLab Research, Inc., develops technologies to enable eye care practitioners to test a range of biomarkers (chemistries, metabolites, genes and proteins) at the point-of-care. Its product, the TearLab Osmolarity System, enables the measurement of tear osmolarity in the doctor’s office. The TearLab Osmolarity System consists of approximately three components: the TearLab disposable, the TearLab Pen, and the TearLab Reader. The TearLab disposable is a single-use microfluidic microchip. The TearLab Pen is a hand-held device that interfaces with the TearLab disposable. The TearLab Reader is a small desktop unit that allows for the docking of the TearLab Pen.