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CRDC > SEC Filings for CRDC > Form 8-K on 30-Nov-2012All Recent SEC Filings

Show all filings for CARDICA INC

Form 8-K for CARDICA INC


30-Nov-2012

Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Trans


Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.

On November 28, 2012, Cardica, Inc. received from The NASDAQ Stock Market LLC ("Nasdaq") a letter indicating that for 30 consecutive business days the market value of Cardica's common stock has been below $50,000,000, and as a result Cardica does not meet the requirement for continued listing of its common stock on The Nasdaq Global Market under Marketplace Rule 5450(b)(2)(A). In accordance with Marketplace Rule 5810(c)(3)(C), Cardica has 180 calendar days, or until May 28, 2013, to regain compliance. If at any time before May 28, 2013, the market value of Cardica's common stock closes at $50,000,000 or more for a minimum of ten consecutive business days, Nasdaq will provide Cardica with written notification that Cardica has achieved compliance. If Cardica does not regain compliance by May 28, 2013, and Cardica has not transferred the listing of its common stock to the The Nasdaq Capital Market (provided that it is able to do so), then Nasdaq will provide written notification that Cardica's common stock will be subject to delisting, after which Cardica may appeal the delisting determination to a hearings panel.

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