Chanticleer (HOTR) Receives Nasdaq Listing Extension; May Conduct Reverse Stock Split
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Chanticleer (NASDAQ: HOTR) disclosed the following on Thursday:
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
As previously reported on the Current Report on Form 8-K, the Nasdaq Listing Qualifications Department notified Chanticleer Holdings, Inc., a Delaware corporation (“Chanticleer”) on February 18, 2016 that, based on the previous 30 consecutive business days, Chanticleer’s common stock no longer met the minimum $1 bid price per share requirement. Therefore, in accordance with The Nasdaq Stock Market’s Listing Rules, Chanticleer was provided 180 calendar days, or until August 16, 2016, to regain compliance.
Chanticleer has not regained compliance with The Nasdaq Capital Market’s bid price rule.
Since Chanticleer meets all of the other applicable standards for initial listing on the Nasdaq Capital Market and has provided the Nasdaq Listing Qualifications Department with a representation that Chanticleer, if necessary, intends to cure the defect by effecting a reverse stock split during the compliance period, Chanticleer has been granted an additional 180 calendar days through February 13, 2017 to regain compliance with the bid price rule. If at any time during this additional time period the closing bid price of Chanticleer’s common stock is at least $1 per share for a minimum of 10 consecutive business days, or if Chanticleer completes a reverse split by January 30, 2017, Chanticleer will have regained compliance.
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