Merus Labs (MSLI) Anounces Receipt of Nasdaq Notice Regarding Minimum Bid Price
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Merus Labs International Inc. ("Merus" or the "Company") (TSX: MSL, NASDAQ: MSLI) announced that it has received written notification from The NASDAQ Stock Market LLC ("Nasdaq") that it is not in compliance with the minimum bid price requirement of US $1.00 per share. This does not impact the Company's Nasdaq listing at this time and the Company intends to address this deficiency within the prescribed grace period.
Nasdaq Listing Rule 5550(a)(2) requires listed securities to maintain a minimum bid price of US $1.00 per share, and Listing Rule 5810(c)(3)(A) provides that a failure to meet the minimum bid price requirement exists if the deficiency continues for a period of 30 consecutive business days. Based on the closing bid price of the Company's common stock for the 30 consecutive business days to November 10, 2016, the Company no longer meets rule 5550(a)(2).
In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has been provided 180 calendar days, or until May 9, 2017, to regain compliance. To regain compliance, the Company's common shares must have a closing bid price of at least US $1.00 for a minimum of 10 consecutive business days. In the event the Company does not regain compliance by May 9, 2017, the Company may be eligible for an additional 180 period to regain compliance.
The Company intends to monitor the closing bid price of its common shares between now and May 9, 2017 and intends to cure the deficiency within the prescribed grace period. During this time, the Company's common shares will continue to be listed and trade on the Nasdaq Capital Market.
The Company's business operations are not affected by the receipt of this notification.
The Company is also listed on the TSX and the notification does not affect the Company's compliance status with such listing.
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