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| OXBT > SEC Filings for OXBT > Form 8-K on 21-Sep-2012 | All Recent SEC Filings |
21-Sep-2012
Notice of Delisting or Failure to Satisfy a Continued Listing Rule o
On September 20, 2012, Oxygen Biotherapeutics, Inc. (the "Company") received a notice (the "Notice") from The NASDAQ Stock Market LLC ("NASDAQ") advising the Company that for 30 consecutive trading days preceding the date of the Notice the Company failed to comply with the minimum market value of listed securities ("MVLS") of $35 million required for continued listing on The NASDAQ Capital Market pursuant to NASDAQ Listing Rule 5550(b)(2) ("Rule 5550(b)(2)"). The Notice also said that the Company did not meet the alternative requirements under NASDAQ Listing Rules 5550(b)(1) and 5550(b)(3) for market value and net income standards, respectively.
In accordance with NASDAQ Listing Rule 5810(c)(3)(C), the Company has been granted 180 calendar days, or until March 19, 2013, to regain compliance with Rule 5550(b)(2). If at any time during this compliance period the Company's MVLS closes at $35 million or more for a minimum of ten consecutive business days, NASDAQ will provide the Company a written confirmation of compliance and this matter will be closed.
The Notice has no effect on the listing or trading of the Company's common stock at this time. However, there can be no assurance that the Company will be able to regain compliance with NASDAQ's Listing Rules during the compliance period, or at all. If the Company does not regain compliance with Rule 5550(b)(2) prior to the expiration of the compliance period, it will receive written notification that its securities are subject to delisting, at which time the Company may appeal the delisting determination to a NASDAQ hearings panel. However, there can be no assurance that the panel would rule in favor of the Company's request to maintain its listing.
The Company intends to closely monitor the market value for its listed securities. While the Company has not yet determined what specific actions, if any, it will take in response to the Notice, it will consider all available options to resolve the deficiency and regain compliance with the Listing Rules. The Company disclaims any intention or obligation to update this report for purposes of disclosing any action or response that the Company decides to take after the date hereof.
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