Vermillion, Inc. (NASDAQ:VRML) 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 January 30, 2020, Vermillion, Inc. (the “Company”) received a written notice (the “Notice”) from the Listing Qualifications Department (the “Staff”) of the Nasdaq Stock Market (“Nasdaq”) that the Company has been granted an additional 180 calendar days, or until July 27, 2020, to regain compliance with the minimum closing bid price of $1.00 per share, as is required for continued listing on The Nasdaq Capital Market to Nasdaq Listing Rule 5550(a)(2) (the “Bid Price Requirement”).

As the Company previously reported on that certain Current Report on Form 8-K filed on August 6, 2019 with the U.S. Securities and Exchange Commission, on August 2, 2019, the Company received a deficiency letter (the “Initial Notice”) from the Staff notifying the Company that, for the preceding 30 consecutive business days, the Company had not been in compliance with the Bid Price Requirement.  In accordance with Nasdaq rules, the Company was provided an initial period of 180 calendar days, or until January 29, 2020 (the “Initial Compliance Date”), to regain compliance with the Bid Price Requirement.  The Initial Notice also provided that the Company may be eligible for an additional 180 calendar day compliance period if it provided a written notice to Nasdaq of its intent to cure such deficiency. 

As the Company did not regain compliance with the Bid Price Requirement by the Initial Compliance Date, the Company applied for an extension of the cure period, as permitted under the Initial Notice.  The Staff granted the Company such extension of the cure period because (i) the Company has indicated that, to the extent necessary, it intends to cure the deficiency by effecting a reverse stock split and (ii) the Company meets the continued listing requirement for the market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market, with the exception of the Bid Price Requirement. 

According to the Notice, if at any time before July 27, 2020 the closing bid price for the Company’s common stock is at least $1.00 per share for a minimum of 10 consecutive business days, the Staff will provide written confirmation of compliance with the Bid Price Requirement and the common stock will continue to be eligible for listing on The Nasdaq Capital Market.

If the Company does not regain compliance with the Bid Price Requirement by July 27, 2020, the Staff will provide a written notification to the Company that its common stock will be subject to delisting.  At that time, the Company may appeal the Staff’s delisting determination to a Nasdaq Hearing Panel (the “Panel”).  The Company expects that its common stock would remain listed pending the Panel’s decision.  There can be no assurance that the Company will regain compliance or otherwise maintain compliance with any of the other listing requirements.









About Vermillion, Inc. (NASDAQ:VRML)

Vermillion, Inc. is a diagnostic service and bio-analytic solutions provider. The Company is engaged in the business of developing and commercializing diagnostic tests for gynecologic disease. It sells OVA1 risk of malignancy test for pelvic mass disease (OVA1). OVA1 is a blood test designed to, in addition to a physician’s clinical assessment of a woman with a pelvic mass, identify women who are at risk of having a malignant ovarian tumor prior to planned surgery. It developed OVA1 through pre-clinical studies in collaboration with various academic medical centers encompassing over 2,500 clinical samples. OVA1 is validated in a multi-center clinical trial encompassing approximately 30 sites reflective of the diverse nature of the clinical centers, at which ovarian adnexal masses are evaluated. Its ASPiRA LABS is a laboratory that provides diagnostic services using a biomarker-based diagnostic algorithm to inform clinical decision making and personalized treatment plans.