TEARLAB CORPORATION (TEAR) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
Item 3.01.
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Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. |
On November 8, 2016, Tearlab Corporation (the Company) received
notice (the Notice) from The NASDAQ Stock Market LLC (Nasdaq)
indicating that the Company did not satisfy Nasdaq Listing Rule
5550(b)(2), insofar as the Companys market value of listed
securities (MVLS) had closed below $35 million for the previous
30 consecutive business days. The Notice has no immediate effect
on the Companys listing or trading of the Companys common stock
on Nasdaq.
In accordance with Nasdaq Listing Rule 5810(c)(3)(C), the Company
was granted a 180-calendar day grace period within which to
regain compliance with the MVLS requirement, through May 8, 2017.
To evidence compliance with the MVLS requirement, the Companys
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 previously disclosed that it was not in compliance
with Nasdaqs $1.00 bid price requirement, as more fully discussed
in the Companys Current Report on Form 8-K as filed on September
16, 2016. The Company requested a hearing before a Nasdaq
Hearings Panel to address the bid price deficiency, at which
hearing the Company requested an extension to regain compliance
with the bid price requirement. At that hearing, the Company also
presented its plan to regain compliance with the MVLS requirement
on or before the expiration of the compliance period on May 8,
2017. There can be no assurance that the Company will be able to
regain compliance with the minimum bid price or MLVS requirement,
or will otherwise be in compliance with other NASDAQ listing
criteria.
About TEARLAB CORPORATION (TEAR)
