Skyline Medical (SKLN) Receives Nasdaq Listing Notification; Plans to Request Hearing
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Skyline Medical (NASDAQ: SKLN) shares are lower in early trading Wednesday following a 3.4 percent drop on Tuesday's trading session. Towards the end of the trading day yesterday, Skyline disclosed the following in an SEC filing:
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On October 11, 2016, Skyline Medical Inc. (the “Company”) received a letter from the Listing Qualifications Department (the “Staff”) of The NASDAQ Stock Market LLC (“Nasdaq”), indicating that the Staff had determined to delist the Company’s securities from The Nasdaq Capital Market due to the Company’s continued non-compliance with the minimum bid price requirement as of October 10, 2016, unless the Company timely requests a hearing before the Nasdaq Hearings Panel (the “Panel”). The Company plans to timely request a hearing before the Panel, which request will stay any delisting or suspension action by the Staff pending the issuance of the Panel’s decision and the expiration of any extension granted by the Panel.
As previously disclosed in the Company’s Current Report on Form 8-K filed on April 18, 2016, on April 13, 2016, the Staff notified the Company that because the closing bid price for the Company’s common stock listed on Nasdaq was below $1.00 for 30 consecutive trading days, the Company did not comply with the minimum bid price requirement for continued listing on The Nasdaq Capital Market under Nasdaq Listing Rule 5550(a)(2). In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company was granted a period of 180 calendar days, or until October 10, 2016, to regain compliance with the minimum bid price requirement. To qualify for additional time beyond that date, the Company was required, among other things, to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market, with the exception of the minimum bid price requirement. The Company does not qualify for an extension because it does not meet the initial listing standard of a minimum of $5,000,000 in stockholders’ equity. In that regard, as previously disclosed in the Company’s Current Report on Form 8-K filed on August 19, 2016, on August 18, 2016, the Staff notified the Company that it no longer complies with Nasdaq Listing Rule 5550(b)(1) due to the Company’s failure to maintain a minimum of $2,500,000 in stockholders’ equity (or meet alternative tests for its market value of listed securities or net income from continuing operations).
At the hearing, the Company intends to present its plan to address compliance with the minimum bid price requirement as well as the minimum stockholders’ equity requirement and to request the continued listing of its securities on The Nasdaq Capital Market, pursuant to an extension if necessary. There can be no assurance that the Panel will determine to continue the Company’s listing or that the Company will be able to demonstrate compliance with the applicable listing criteria within the period of time that may be granted by the Panel.
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