Edesa Biotech, Inc 8-K, filed Jun 23, 2023
Edesa Biotech, Inc. (EDSA)
About this 8-K
Edesa Biotech, Inc filed this 8-K on June 23, 2023, reporting on events of June 22, 2023.
Items reported
- Item 3.01: Delisting notice or listing transfer
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
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Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
On June 22, 2023, Edesa Biotech, Inc. (the “Company”) received a letter from the Listing Qualifications Staff of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that, based on the closing bid price of the Company’s common shares, no par value per share (the “Common Shares”), for the last 30 consecutive business days, the Company is not in compliance with the minimum bid price requirement of $1.00 per share for continued listing, as set forth in Nasdaq Listing Rule 5550(a)(2).
The Nasdaq notification has no immediate impact on the listing of the Company’s Common Shares on The Nasdaq Capital Market, and, therefore, the Company’s listing remains fully effective.
In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has an initial period of 180 calendar days, or until December 19, 2023, to regain compliance with the minimum bid price requirement for continued listing on The Nasdaq Capital Market. If at any time before December 19, 2023, the closing bid price of the Company’s Common Shares closes at or above $1.00 per share for 10 consecutive business days, Nasdaq will provide written notification that the Company has achieved compliance with the minimum bid price requirement, and the matter would be resolved. In the event the Company does not regain compliance by December 19, 2023, the Company may be eligible for an additional 180 calendar day period to regain compliance, provided the Company (i) meets 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, and (ii) provides written notice to Nasdaq of its intention to cure the deficiency during the second compliance period by effecting a reverse share split, if necessary.
The Company intends to actively monitor the bid price of its Common Shares and will consider available options to resolve the deficiency and regain compliance with the Nasdaq minimum bid price requirement. If the Company does not regain compliance within the allotted compliance periods, including any extensions that may be granted by Nasdaq, Nasdaq will provide notice that the Company’s Common Shares will be subject to delisting. The Company would then be entitled to appeal that determination to a Nasdaq hearings panel. There can be no assurance that the Company will regain compliance with the minimum bid price requirement during the 180-day compliance period, secure a second period of 180 days to regain compliance or maintain compliance with the other Nasdaq listing requirements.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Date: June 23, 2023 | By: | /s/ Pardeep Nijhawan |
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| Name: | Pardeep Nijhawan |
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| Title: | Director, Chief Executive Officer and Corporate Secretary |
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