Reasons for the Potential Future Reverse Stock Split
The common stock is currently listed on The NASDAQ Capital Market. On May 11, 2017, NASDAQ notified the Company of its failure to continue to satisfy the continued listing requirements because the price of the common stock had dropped below the minimum $1.00 per share required for continued listing. We had until November 7, 2017 to either regain compliance, or request additional time to regain compliance. We had not regained compliance as of November 7, 2017 so we requested an extension of the deadline to regain compliance and notified NASDAQ of our intention to cure the deficiency during the extended compliance period, including by effecting a reverse stock split, if necessary. In response to our request, on November 8, 2017, NASDAQ granted us a 180 day extension, until May 7, 2018, to regain compliance with the $1.00 minimum bid price requirement.
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