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OXBT > SEC Filings for OXBT > Form 8-K on 5-Apr-2013All Recent SEC Filings

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

Form 8-K for OXYGEN BIOTHERAPEUTICS, INC.


5-Apr-2013

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, The NASDAQ Stock Market LLC ("NASDAQ") notified Oxygen Biotherapeutics, Inc. (the "Company") by letter dated March 20, 2013 of the Staff's decision to delist the Company's securities from The NASDAQ Capital Market as a result of the Company's failure 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 Company has appealed the Staff's determination by requesting a hearing (the "Hearing") before a NASDAQ Hearings 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.

Also as previously reported, on October 3, 2012, the Company received a notice from NASDAQ advising the Company that for 30 consecutive trading days preceding the date of that notice the Company failed to comply with the $1.00 per share minimum bid price required for continued listing on The NASDAQ Capital Market pursuant to NASDAQ Listing Rule 5550(a)(2) ("Rule 5550(a)(2)").

In accordance with NASDAQ Listing Rule 5810(c)(3)(A), the Company was granted 180 calendar days, or until April 1, 2013, to regain compliance with Rule 5550(a)(2). However, the Company was not able to regain compliance by April 1, 2013. As a result NASDAQ notified the Company by letter dated April 4, 2013 that the Company's failure to comply with Rule 5550(a)(2) serves as an additional basis to delist the Company's securities from The NASDAQ Capital Market, and that the Panel, in connection with the Company's Hearing, will consider this matter in rendering a determination regarding the Company's continued listing on The NASDAQ Capital Market. However, there can be no assurance that the Panel will grant the Company's request for continued listing.

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