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OXBT > SEC Filings for OXBT > Form 8-K on 21-Mar-2013All Recent SEC Filings

Show all filings for OXYGEN BIOTHERAPEUTICS, INC. | Request a Trial to NEW EDGAR Online Pro



Notice of Delisting or Failure to Satisfy a Continued Listing Rule o

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

As previously reported, 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 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 was granted 180 calendar days, or until March 19, 2013, to regain compliance with Rule 5550(b)(2). However, the Company was not able to regain compliance by March 19, 2013. As a result NASDAQ notified the Company by letter dated March 20, 2013 of the Staff's decision to delist the Company's securities from The NASDAQ Capital Market.

The letter provides that, unless the Company requests an appeal of this determination, trading of the Company's common stock will be suspended at the opening of business on April 1, 2013, and a Form 25-NSE will be filed with the Securities and Exchange Commission to remove the Company's securities from listing and registration on The NASDAQ Capital Market.

The Company intends to appeal the Staff's determination by requesting a hearing before a NASDAQ Listing Qualifications Panel (the "Panel") to seek continued listing pending its return to compliance with the minimum market value requirement under Rule 5550(b)(2).

While the appeal is pending, the Company's securities will not be delisted and the Form 25-NSE will not be filed. However, there can be no assurance that the Panel will grant the Company's request for continued listing.

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