GT Biopharma, Inc 8-K, filed Nov 26, 2021
GT Biopharma, Inc. (GTBP)
About this 8-K
GT Biopharma, Inc filed this 8-K on November 26, 2021, reporting on events of November 23, 2021.
Items reported
- Item 3.01: Delisting notice or listing transfer
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CURRENT REPORT
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Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On November 23, 2021, the Registrant received a written letter from the Listing Qualifications Staff of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Registrant of its failure to comply with Nasdaq’s independent director and audit committee requirements as set forth in Listing Rule 5605 following the appointment of Michael Breen as Executive Chairman of the Board effective November 8, 2021 (and his resignation from the Registrant’s Audit Committee). Mr. Breen resigned from the Registrant’s Audit Committee, Compensation Committee and Nominating and Corporate Governance Committee on November 23, 2021.
Consistent with Listing Rules 5605(b)(1)(A) and 5605(c)(4), Nasdaq will provide the Registrant a cure period to regain compliance until the earlier of the Registrant’s next annual shareholders meeting or November 8, 2022, or, if the next annual shareholders’ meeting is held before May 9, 2022, the Registrant must evidence compliance no later than May 9, 2022.
The Registrant’s Nominating and Corporate Governance Committee has commenced the process of reviewing independent director candidates for nomination and election to the Registrant’s Board of Directors and Audit Committee, with the goal of promptly regaining compliance, in accordance with the procedures outlined by Nasdaq’s Listing Qualifications Staff, with Nasdaq’s independent director and audit committee requirements as set forth in Listing Rule 5605.
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SIGNATURE
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.
GT BIOPHARMA, INC. | |||
Date: November 24, 2021 | By: | /s/ Gavin Choy | |
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| Gavin Choy | |
Acting Chief Financial Officer | |||
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